OREANDA-NEWS. July 08, 2010. Signing of the memorandum of mutual understanding between the Ministry of Economic Development of the Republic of Karelia and the Korea-Russia Council on Culture took place in Petrozavodsk. On behalf of the Republic of Karelia the document was signed by the First Deputy Minister of Economic Development Lev Shustov, on behalf of the Republic of Korea — by Hong Sun Choi, President of the Council on Culture.

The memorandum, in particular, says: "considering urgency of expansion of mutual trade and economic relations, the parties have agreed on cooperation in the field of development of trade and investment cooperation between the Republic of Korea and the Republic of Karelia." "Within the scope of its competence and according to the legislation of the Russian Federation and the Republic of Karelia the Ministry of Economic Development of the Republic of Karelia expresses the willingness to provide information, methodological and organizational support to Korean organizations in establishing and support of contacts to representatives of official and business circles of the region concerning development of foreign trade and investment promotion."

Representatives of the Ministry of Economic Development of Karelia, rector of Petrozavodsk State University Anatoly Voronin, Counsellor to the Administration of PetrSU Natalia Ruzanova, President of the Chamber of Commerce and Industry of Karelia Alexander Pankratov, representatives of business have taken part in the meeting with the delegation of South Korea. The Korean party was presented by heads and experts of the SK Group and Intelligent Building Systems.

Hong Sun Choi, President of the Council on Culture, leader of the Korean delegation in his complimentary address, in particular, has especially noted that "experts and specialists of Korean companies have been studying opportunities of cooperation with the Northwest region of Russia for several months and now some positive conclusions are drawn: South Korea is ready to consider opportunities of establishing trade and economic relations, forging business partnerships with Karelia, developing cultural relations. In the further Korean business is ready to continue work on creation and implementation of joint investment projects. Signing of the memorandum of mutual understanding between Karelia and Korea is the first step towards rapproachements of mutual interests."

In turn, the Deputy Minister of Economic Development of Karelia Dmitry Kislov, also speaking about opportunities of implementation of mutual interests, has noted that "Karelia expresses the willingness to develop mutually beneficial cooperation, and the first important step is open information exchange between representatives of business circles of both parties on all issues they are interested in concerning mutual cooperation."

In the memorandum signed the parties have agreed on intention to work out establishing of a joint working group on development of trade and economic relations between the Republic of Karelia and the Republic of Korea.