According to Yonhap News,

Gyeonggi Governor Kim Mun-su inked a cooperation memorandum of understanding (MOU) with Denis Vladimirovich, Governor of the State of Sverdlovsk, to enhance mutual cooperation in economy & commerce, science & technology and culture.

Located in the southeast of the Ural Mountains, the state is twice the size of Korea and ranks 7th among 83 Russian regions in terms of investment environment.

And then, Governor Kim inked an MOU on trilateral cooperation with the Russian state-run VSMPO-AVISMA and the Gyeonggi-based small and medium enterprise (SME) Youl Chon.

Based on the MOU, VSMPO-AVISMA will provide cutting-edge technology for titanium. In addition, both companies will invest 10 million dollars, respectively, to build a steel pipe manufacturing facility on a 33,000 square meter-site in Pyeongtaek-Poseung Industrial Complex.

The partnership between VSMPO-AVISMA and Youl Chon will become the first case of integrating a Russian state-led corporation’s technology with a Korean SME’s marketing and manufacturing capability.

Both companies will establish a joint-venture to develop and manufacture a petrochemical plant and titanium materials for lightweight vehicles.

Responsible for 40 percent of the global titanium production, VSMPO-AVISMA exports its products to 300 companies including Airbus, Boeing, GE and Rolls Royce in 48 countries.

Governor Kim moved to the Ural Federal University to ink an MOU on technology cooperation with the President of Korea Polytechnic University, CEO of SHIN KWANG TECH and Vice President of Neo Contents.

Under the MOU, Ural Federal University’s excellent technologies that failed to be commercialized can be transferred to Gyeonggi’s regional companies with technological prowess to make them commercially viable.

Established to cultivate Russia’s basic science, Ural Federal University is classified into the general college and science and technology college with holding worldwide original technologies in machinery, IT, nano technology and chemistry.

Source Text

Source: Yonhap News (Oct. 27, 2012)

** This is the translation of a Korean article.