Presentation of Buryatia’s investment potential at the Russian-Korean business forum in Seoul

The Russian-Korean Business Forum, where Buryatia presented its investment potential, successfully closed in the Korean capital Seoul. The Head of the Republic of Buryatia Alexei Tsydenov led the delegation from the region.

Over 250 people took part in the Forum including Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Korea Andrei Kulik, members of the Korean National Assembly, representatives of Korean and Russian companies, and officials of the Republic of Korea and Buryatia. Buryatia’s business was represented at the Forum by such companies as the Ulan-Ude Aviation Plant, the confectionery Amta , the plywood manufacturing plant Olkhon, DRD, and other. GEO Group was the organizer of this Forum as it plans to implement its investment project in Buryatia.

Opening the Forum, Ambassador Kulik emphasized that the Republic of Korea is an important partner with a very high potential and a good neighbor of Russia in the Asia-Pacific region:

“Today’s visit of a representative delegation from Buryatia to the Republic of Korea can be viewed within the context of expanding the geographical scope of development of the Russian region interested in economic cooperation with our Far Eastern neighbor. Let me express my confidence that this Forum will become an important platform for building bridges between Buryat and Korean businessmen, and in the nearest months, the agreements reached will be rapidly translated into action. So that at the Second Meeting of the Russian-Korean Forum for Inter-Regional Cooperation in September this year in Vladivostok, the parties could present joint and ready-to-go projects”, Ambassador Kulik said.

The Head of Buryatia thanked representatives of the Korean business for their participation in the Forum.

“We invite all Korean companies to the Republic for collaborative and effective work. In Buryatia, we say: “In order for a big business to succeed, we need to move clockwise”. That’s why I intentionally walked around this conference room clockwise. I am confident that our business will be accompanied by good luck. The most important thing that I’d like to say is that the whole team of the Government of Buryatia and the business community is set towards a constructive and collaborative work. Any investment project that will be implemented jointly with Korean partners will be under my personal supervision. I will control the flow of the project through all the phases — from the stage of project design and approval to the stage of obtaining permitting documentation, so that there are no any obstacles, and everything is done extremely quickly and efficiently. We strive for our business to be profitable, every investment to be effective, and any investor to be satisfied from working with the Republic of Buryatia”, Alexei Tsydenov said.

Buryat companies representing different sectors took part in the Forum: aviation equipment and food products manufacturers, timber processing enterprises, transportation and tourism companies, and many others.

“I am confident that we can find mutual interest and build mutually beneficial relationships. I would also like to note that Russia established the Eurasian Economic Council, which includes five other countries besides Russia — Kazakhstan, Belarus, Armenia, and Kyrgyzstan. So, everything that is produced in the Republic of Buryatia has a free, tax exempt access not only in Russia, but in these countries as well. And of course, I’d like to emphasize our joint project with GEO Group and Mr. Wu Tae Kwon. It’s a massive project to build a complex on Lake Baikal, which will include a hotel, a rehabilitation center, and a sports facility”, Alexei Tsydenov said.

He also noted historical ties between the two peoples — Buryats and Koreans.

“As it has been already said, there are historical records indicating that the founder of the ancient Korean state was from a northern nomadic tribe Kori. The eastern tribe of Buryats is called Khori. That’s why I believe that our historical connection is hidden behind this fact. I am sure that based on our common history we have a common future. Welcome to Buryatia”, Mr. Tsydenov said in his address to participants of the Forum.

Deputy Chair of the Government of Buryatia for economic development Alexei Mishenin made a presentation on the economic potential of Buryatia for the Korean business community. Minister of Tourism of Buryatia Maria Badmatsyrenova told the participants about tourism and recreational opportunities of the region. Boris Dymbrylov, Director of Buryatia’s Regional Development Fund presented the region’s investment potential. Representatives of the Ulan-Ude Aviation Plant, DRD, Amta, the plywood manufacturing plant Olkhon, Altan Serge, and other Buryat companies presented their projects that can be implemented jointly with Korean companies.

After the official part of the Business Forum, representatives of Buryat and Korean companies held business negotiations.

Summing up the results of the Forum, Alexei Tsydenov noted the effectiveness of the work conducted.

“This Forum is very effective. There are 254 participants from Korea. Most significantly, most of them represent the business community. Different companies, large, medium, and small enterprises. It’s very important, because they can build their business with large, medium, and small enterprises from Buryatia. This kind of communication is the most effective. Moreover, participants of the Forum included officials — members of the Korean National Assembly. There’s support at the state level both from the executive and legislative branches. And most importantly — there’s interest from the business community.

Today, several people from Korea are flying with us to Buryatia to continue interaction. Tomorrow — two more people. There’s a whole group scheduled to go in June. In July, 12 members of the Korean National Assembly will come to Buryatia. In September, we’ve scheduled another meeting. So, business talks have started, there’s a follow-up, and business-to-business agreements are being translated into real action. This is the most important thing”, Alexei Tsydenov said.