Newsletter for the South Korea businesses and investors (Issue 1, 2014)
The Russian Government approves Priority Development Zones in the Far East to attract South Korean investors.
On 5 February 2014 the Russian Government adopted the fundamental principles and management scheme of Priority Socio-economic Development Zones (PSeDZs) in Far East, as suggested by the Ministry for Development of the Russian Far East. The concept is now being programmed to establish viable export-oriented business conditions in PSeDZs that could compete with other business hubs of Asia-Pacific region. Thus, by 1 November 2014, the enabling modifications to Russian legislation will create a special business climate for residents of the prospective development zones.
On 14 February 2014, in a meeting with the Korea Trade-Investment Promotion Agency (KOTRA), Alexander Osipov, the First Deputy Minister for Development of the Russian Far East, delivered Russia’s message to attract Korean enterprises into the Far East, primarily to the wood processing, iron, and fishery industries. So Byung Taek, the General Director of the CIS Division of KOTRA, noted that Korean corporations are interested in investing the Far-Eastern and Siberian regions, and advised that Korea will soon present a counter-proposal about further collaboration with the Ministry.
Lawyers of ART DE LEX are taking an active part in this process by rendering consulting services for the Ministry for Development of the Russian Far East with regard to successful foreign practices on the establishment and management of the special zones.
Click here to read the full briefing by ART DE LEX.
Russian authorities plan a fishery cluster in the Far East.
On 30 January 2014 in Primorye , the Investment Agency of Primorsky Krai and the Moscow branch of the Nomura Research Institute signed a research contract for the conceptualization of the fishery cluster. The execution period of the contract is five months. Approximately two to three months will be used to formulate the concept of a fishery cluster, and the rest of the time will be dedicated to a feasibility study and investment proposals. Based on the results of this study, the Investment Agency of Primorsky Krai plans to attract foreign investors who are willing to participate in the projects.
The fishery complex, which will be organized in the southern part of Primorsky Krai, contains a refrigeration plant, a modern port and transport infrastructure, and other production support facilities. It is said that the cluster will also include a trade center.