According to Yonhap News,

The economic cooperative investment group, led by Gyeonggi Governor Kim Mun-su, completed its 7-day visit to Russia and Qatar with an IR event in Qatar held on Sunday.

Gyeonggi made remarkable achievements during the visit.

Gyeonggi inked memorandum of understandings (MOUs) on technology partnership with Bauman Moscow State University, called “Massachusetts Institute of Technology of Russia,” and Ural Federal University. The MOUs will enable Gyeonggi-based small-and-medium enterprises to make the universities’ original technologies commercially available.

In addition, the province also inked a MOU with the Russia Technologies State Corporation, a state-run corporation managing Russia’s 439 public corporations, which are responsible for 32 percent of the Russia’s total GDP.

Gyeonggi’s partnership agreement with Russia’s United Electronic Market Place is expected to help Gyeonggi’s local companies penetrate into the Russian market.

The province also played a substantial role in encouraging the state-led corporation VSMPO-AVISMA holding cutting-edge technologies for titanium to sign an agreement with Youl Chon to build a joint factory in Pyeongtaek-Poseung Industrial Complex.

With America and EU’s economies faltering, Gyeonggi turned its eye to the emerging Russian economy that has excellent original technologies and abundant resources and money.

Sure, the MOUs may not be translated into actual investment. However, the MOUs hold significance in that they laid groundwork for supporting Gyeonggi’s regional companies to make inroad into Russia.

The economic cooperative group brought 10 promising local companies and touted them as Russia’s best partners that are capable of commercializing Russia’s original technologies.

Gyeonggi will establish a taskforce team that specializes in Russia to enhance its exchange and trade with Russia.

Source Text

Source: Yonhap News (Oct. 28, 2012)

** This is the translation of a Korean article.