Novosibirsk entrepreneurs got acquainted with the economic potential of the Republic of Korea

On  December 5, within the framework of cooperation between the Investment Promotion Agency of the Novosibirsk Region  and the trade missions of Russia in foreign countries with the support of  the Novosibirsk City Chamber of Commerce and Industry (NCCCI) was held a webinar “Hour with the Trade Representative” dedicated to the development of trade and economic cooperation between the Novosibirsk Region and the Republic of Korea.

The event was attended by the Trade Representative of the Russian Federation in the Republic of Korea Alexander Masaltsev, Advisor to the Director General for International Affairs of the Investment Promotion Agency of the Novosibirsk Region Vasiliy Plotnikov, chief specialist for foreign communications of the NCCCI Julia Naumkina and 13 Novosibirsk companies participating in foreign economic activity, including members of the NCCCI.

Alexander Masaltsev presented a brief characterization of the Republic of Korea and outlined the most sought-after sectors for cooperation. The country joined the anti-Russian sanctions, so it is included in the list of unfriendly countries towards Russia. Russia and Korea have no free trade agreement. Nevertheless, trade and economic ties between the two countries have not ceased to operate. Russia ranks 16th among Korea’s trade partners. Thus, according to the customs statistics of the Republic of Korea, for 9 months of 2023, the Russian-Korean trade turnover amounted to $12 billion, which is 25% lower than in 2022. At the same time, exports amounted to 5 billion, imports — 7 billion. Russian exports include energy carriers (coal, liquefied natural gas, and mineral waxes), agricultural goods, food products, ferrous metals. Imports are represented by automobiles (mostly used), metals, cosmetics and plastics.

When entering the Korean market, a foreign company must take into account the list of goods prohibited for export to Russia without special permission of the government of the Republic of Korea, which includes about 798 items.  These include machine tools, machinery and equipment, engines, optical, measuring instruments, medical equipment, airborne and navigation equipment, and others.

In cargo transportation, it is important to build logistics according to the current geopolitical situation.

Summing up the meeting, the Trade Representative of the Russian Federation in the Republic of Korea answered relevant questions from entrepreneurs in Novosibirsk Region and expressed his readiness to assist Russian companies in their cooperation with Korea.