South Korean Minister Of Trade Claims Government Is Willing To Combine Efforts On Far East Development With Russia

South Korea has expressed its desire to improve the country's relationship with Russia, collaborating to foster Far East development and fortify business ties, according to South Korea Trade, Industry and Energy Minister Yoon Sang Jick during the Eastern Economic Forum (EEF).

"The potential of cooperation between Russia and South Korea has not been unlocked," Yoon says, according to a report published last Saturday on Sputnik News. "Now is the time to combine efforts."

He adds that the free port of Vladivostok will open more opportunities for South Korean businessmen to participate in the country's development.

"The companies of the two countries [South Korea and Ruwssia] can build the future engines of growth of the two economies, and if we join forces we can achieve great success," Yoon adds.

An expansion of the free port regime from Vladivostok to other cities from the Far East region of the country has been suggested by Russian President Vladimir Putin last Friday during the EEF.

Putin says that among the top priorities of Far East should include the infrastructure and economic development.

Also, he added that the country must strive to become a major world business center "to integrate into the Asia-Pacific region," Xinhua Net noted last Friday.

"Today we see the future of the Far East as one of Russia's key centers of social and economic development, a center that should be effectively integrated into the quickly developing Asia-Pacific region," Putin states during the opening ceremony of EEF.

In July, the free port regime has been given to Vladivostok and 15 other maritime administrative districts. Putin has signed a law that establishes the Vladivostok Free Port as a flexible investing system among businesses in the Far Eastern Federal District. Free port allows traders to export and import their goods not subjected to customs duty.