The Russian Direct Investment Fund (RDIF) and the Korea Investment Corporation (KIC) have signed a memorandum to form the Russian-Korean Investment Platform.
The signing ceremony took place in the presence of Russian President Vladimir Putin and Korean President Park Geun-hye in Seoul.
The investment platform will focus on cross-border investments which fulfil Russian-Korean strategic interests. The parties intend to invest in companies and projects that facilitate trade and encourage investment cooperation between the two countries.
Kirill Dmitriev, chief executive of RDIF, says: "Since 2009, direct investment from the Republic of Korea to the Russian Federation has declined by roughly six fold. I am confident that the creation of the Russian-Korean Investment Platform will help to reverse this trend and act as a catalyst for strong growth in investment flows between our two countries and strengthen economic cooperation."
Lee Dong-Ik, chief investment officer of KIC, says: "Today Russia is the 11th largest trade partner of the Republic of Korea with a proportion of about 2.1 per cent of our trade. There are over 1,200 Korean companies with capital invested in Russia. The launch of this joint investment platform will provide additional opportunities for businesses from both Korea and Russia to further develop these relationships."
