Korea to Expand Economic Cooperation with Russia’s Irkutsk Region

The Korea Trade-Investment Promotion Agency (KOTRA) announced on November 17 that South Korea and Russia’s Irkutsk region agreed to strengthen their cooperation in infrastructure, healthcare, and resource development.

Located within an hour of Lake Baikal on the Trans-Siberian Railway, the Irkutsk region is endowed with abundant natural resources such as oil, natural gas, coal, and gold. Moreover, it is highly likely that the region will grow as a trade center for Siberia and Central Asia. 

KOTRA will make an effort to support Korean companies’ entry into the region by dispatching a Korean investment delegation, and hosting conferences and briefings aimed at promoting exports.

Irkutsk Region Governor Sergei Eroshchenko, who accompanied Russian President Vladimir Putin to Korea, said, “I hope that Korean businesses will be actively involved in the construction of smart cities, the reconstruction of the Irkutsk International Airport, the construction of a shipyard on the banks of Lake Baikal, the development of resources, and the healthcare sector.”