S Korea, Russia seek to further promote bilateral economic co-op

21:48, November 10, 2010      

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Officials and business leaders of South Korea on Wednesday met with their Russian counterparts in framework of third Korea-Russia Business Dialogue, according to Seoul officials.

With an aim to find ways to further promote bilateral economic cooperation, the both sides signed seven Memorandums of Understanding (MOU) on future cooperation in the energy and electricity sectors, according to Seoul's Ministry of Knowledge Economy.

Besides, the ministry and the Pohang Iron and Steel Company ( POSCO), South Korea's top steelmaker, signed two MOUs with their counterparts respectively, focusing on natural resources development and energy efficiency. South Korean President Lee Myung-bak and his Russian counterpart Dmitry Medvedev attended the signing ceremony.

In the deal signed by POSCO and Russia's Mechel OAO, one of the leading Russian mining and steel companies, the two sides agreed to cooperate on iron and coal resources development in third countries, and other projects to be conducted in Siberia, the far eastern part of Russia.

At the meeting, Medvedev said he hopes that the two nations will strengthen collaboration in business sector, so as to see increased bilateral trade volume and investment in each country.

Some 320 entrepreneurs from the two countries took part in the dialogue, according to the ministry.

Source: Xinhua


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