The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Eun Sung-soo, "Korea Eximbank") announced on October 15 that the Bank and the Far East and Baikal Region Development Fund(“Development Fund”), a development institution established by the Russian government were speeding up their business cooperation in the Far Eastern Region of Russia.

Korea Eximbank Deputy President Hong Young-Pyo met with the Development Fund President Alexei Chekunkov on October 13 at the head office of Korea Eximbank and discussed areas of mutual cooperation between the two institutions. The two leaders agreed to hold the first regular consultation meeting on December 1 in Vladivostok, Russia.

This meeting was a follow-up to the agreement of Korea-Russia bilateral summit on September 6, which includes the participation of Korean finance in developing the relatively under-developed Far Eastern Region of Russia.

Immediately after the summit, Korea Eximbank and the Development Fund signed the ‘Far East Finance Cooperation Initiative’ amounting to USD two billion.

A Korea Eximbank official said, “As the Far Eastern Region of Russia holds great significance with vast development opportunities and geopolitical value as the region is endowed with abundant natural resources and it is the transportation and logistics hub in Northeast Asia, Korea Eximbank will step up its efforts to develop projects in this area.” The ‘Far East Finance Cooperation Initiative’ is expected to play a key role in realizing ‘Nine Bridges’* of cooperation which was proposed at the Eastern Economic Forum 2017 in Russia.

*Nine Bridges refer to nine sectors for cooperation between Korea and Russia: gas, railway, the Northern Sea Route, shipbuilding, the creation of working groups, agriculture, etc.