Korea to develop Russian Far East port and logistics complex

The session outlined details of cooperation between Korea and Russia, project plans, future direction and Russia’s investment environment, to numerous parties interested in investing in the project including shippers, logistics companies, shipping lines and port operators.

The intention of the project is to extend Jarubino Port and develop a logistics complex as proposed by President Lee to Russian President Medvedev and Prime Minister Putin at the Korea-Russia Summit held in 2008. This was followed by an implementation consultation process with meetings between MLTM and Russia’s Ministry of Transport. The two governments will now jointly carry out research to develop concrete implementation plans.

The Russian Far East is abundant in natural resources but has suffered from various problems such as decreasing population, growing unemployment and poor port and road infrastructure. According to the MLTM, “The Russian government fully understands the importance of economic growth and the geographic considerations of the region and it proposed a Russian Far East development project to break the vicious cycle and promote development.”