According to Yonhap News,

Gyeonggi Governor Kim Mun-su visited the Russia state-run technology corporation to promote joint investment between the corporation and Gyeonggi-based small and medium enterprises (SMEs).

The Moscow-based corporation is responsible for 25 percent of the Russia’s total GDP, managing 420 public companies.

The huge corporation has not made any direct investment in Korea and is very selective about choosing a partner for a joint-venture.

Governor Kim’s visit to the state-run corporation was initially designed to just have a conversation on establishment of a joint venture between the corporation and Gyeonggi-based SMEs to co-develop products and expand the export market.

However, Vice President of the state-run corporation was very positive about the joint-venture, mentioning a dozen of Russian corporations seeking to build joint-ventures with Gyeonggi’s SMEs.

Governor Kim rushed to suggest a memorandum of understanding (MOU) on cooperation.

During the talks, Gyeonggi’s economic cooperation group showed lists of companies that can sign technology cooperation agreements with the dozen of Russian public corporations the vice president just mentioned.

The group especially highlighted that the companies have great technological prowess that enable them to supply their products to global companies including Samsung and LG.

At last, the Vice President agreed to ink the MOU.

Governor Kim has laid the groundwork for enabling joint investment between Russian public corporations and Gyeonggi’s SMEs in a visit.

He also called on representatives of the state-run technology corporation and other public corporations to visit Gyeonggi.

Gyeonggi will set up a foreign direct investment taskforce team that specializes in supporting Russia’s metal, machinery and aerospace industries.

Source Text

Source: Yonhap News (Oct. 25, 2012)

** This is the translation of a Korean article.