Northeast Asian Economic Community: This Year’s KBIZ Global Forum Held in Irkutsk, Russia | BusinessKorea

Monday, October 23, 2017

Northeast Asian Economic Community

This Year’s KBIZ Global Forum Held in Irkutsk, Russia

International trade experts and entrepreneurs posing for a picture with Korea Federation of SMEs Chairman Park Sung-taek (seventh from the left in the front row) after KBIZ Global Forum 2017 on September 23
International trade experts and entrepreneurs posing for a picture with Korea Federation of SMEs Chairman Park Sung-taek (seventh from the left in the front row) after KBIZ Global Forum 2017 on September 23
SEOUL,KOREA
25 September 2017 - 3:45pm
Jung Suk-yee

The Korea Federation of SMEs held KBIZ Global Forum 2017 in Irkutsk, Russia on September 23. The forum was attended by more than 70 South Korean and Russian international trade experts and Eom Ki-young, South Korean consul general in Irkutsk.

Earlier, on September 7, South Korean President Moon Jae-in participated in the third Eastern Economic Forum and proposed nine different measures for economic cooperation between Russia and South Korea and the establishment of a new multilateral security framework and a new Northeast Asian economic community. The measures are related to the North Pole Route, gas supply, railway connection, port connection, electricity supply, shipbuilding, job creation, agriculture and fisheries.

Irkutsk is the administrative, political and economic center of Eastern Siberia and is home to the gas field that forms the center of the gas pipeline connection project of South Korea, North Korea and Russia ceased in 2011. In other words, Irkutsk is likely to become the starting point of economic cooperation among the three countries in the future.

The forum was held to help South Korean small and medium-sized enterprises (SMEs) deal with increasing trade protectionism and open up new markets amid increasing difficulties related to China’s economic retaliation in the wake of THAAD deployment in South Korea. The agenda of the forum included cooperation between South Korea and Russia for the peace and prosperity of Northeast Asia and the development of the Eurasia Transcontinental Railroad.

“Unification between the two Koreas is likely to cause much confusion politically, socially and economically in the short term, but it will help South Korea stand shoulder to shoulder with China and Japan in the end,” said senior researcher Konstantin Asmolov at the Institute of Oriental Studies of the Russian Academy of Sciences.

“Economic cooperation between Russia and South Korea will be a great opportunity in the era of Pacific Rim,” professor Lim Eul-chul at the Institute for Far Eastern Studies of Kyungnam University mentioned, adding, “The sectors where tangible results are expected in the near future include medical, fisheries processing, tourism and aquaculture.” Professor Sung Won-yong at the School of Northeast Asian Studies of Incheon University echoed by saying that economic cooperation between Russia and South Korea can be boosted by connection between the Trans Korea and Siberia Railroads, power grid interconnection and gas pipeline interconnection.

“The fact that Russia is geographically close to South Korea and is home to no less than 140 million consumers implies that it can be an alternative to the Chinese market on the part of South Korean SMEs,” the Korea Federation of SMEs explained, adding, “We hope that a large number of South Korean SMEs will take part in the future projects that will be based on President Moon Jae-in’s plan for extensive cooperation between South Korea and Russia.”

 

 

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