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News about Opportunities in South Korea from ART DE LEX

Newsletter for South Korea Businesses and Investors, the newsletter from ART DE LEX, provides news about a number of business opportunities in Asia.

Far East Economic Forum in August 2015 in Vladivostok

A Far East Economic Forum, focusing on the Far East Economic Federal District (FEEFD), will take place, from 12 to 15 August 2015, in Vladivostok. Discussion topics will include the proposed free port in Vladivostok and the North Sea Route.

Areas of Priority Social and Economic Development effective on 30 March 2015

Federal Law No. 473-FZ, relating to Areas of Priority Social and Economic Development (APSED), sets forth a legal framework for entrepreneurship and investment activities to help social and economic development in specific areas of Russia. An APSED has a life span of 70 years and is separate from a Special Economic Zone or an area of territorial development. The first APSED will emerge in the Far East Economic Federal District (FEEFD). APSED residents will have preferential rental rates and taxation, reduced insurance payments, special administrative rules and employment regulations, and more. APSED development will include new production plants and the modernization of existing ones.

Russian Federation approves APSEDs in the Far East

In February, the Russian Federation approved several investment projects for the Far East Economic Federal District (FEEFD). Afterward, a committee, whose members include the Ministry of the Russian Federation for the Development of the Russian Far East, the special representative of the President of the Russian Federation in the FEEFD, various ministries and management from the FEEFD, and prospective investors, reviewed 17 applications for APSEDs and accepted three: Khabarovsk APSED, Komsomolsk APSED (Khabarovsk krai), and Nadezhdinskaya APSED (Primorsky krai). The Ministry for the Development of the Russian Far East also approved six other projects for a total of RUB 126.54 billion, with public investment worth RUB 16.5 billion. These projects involve Russia, North Korea, and South Korea.

Free port status for Vladivostok under consideration

Public discussion ended on 18 March 2015 about giving Vladivostok free port status for at least 70 years. It would include seven municipalities in the Primorye Territory that would have four special zones: a port, an industrial zone; a scientific and innovation zone, as well as tourism and recreation areas. Residents will receive special federal tax and insurance arrangements. Any legal entity or individual entrepreneur can obtain residence through the joint stock management company that administers the APSED.

RusHydro and K-Water agree to work together in environment-related activities

In January 2015, RusHydro and K-Water signed a memorandum of understanding to cooperate, at least over the next two years, with research in the fields of renewable energy, hydropower, water treatment, wastewater processing, and environmental-impact solutions in Russia, South Korea, and elsewhere.

Lotte Holdings to invest in the Russian Federation

Lotte Holdings will invest more than USD 1 billion in Russia in the next three years and will become South Korea’s biggest investor in Russia. In 2017, the Lotte Group plans to open a five-star Lotte Hotel in Saint Petersburg. The firm plans to open two more hotels elsewhere in Russia and hopes to purchase Moscow’s Atrium Trade Center.

Russia and South Korea plan a working group to increase shipbuilding capacity

Rosneft JSC wants to join with Daewoo Shipbuilding and Marine Engineering Company to increase the shipbuilding capacity of the Russian firm Zvezda, including a new ship yard to build tankers, ships with ice linings, and components of maritime platforms for shelf production.

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