President Moon Jae-in attended the Korea-Russia Business Forum today as the first event on the second day of his state visit to Russia.

Co-hosted by the Korea International Trade Association and the Chamber of Commerce and Industry of the Russian Federation, the Forum was attended by some 280 business leaders, including corporate CEOs, and government officials from both countries. 

President Moon addressed the Forum under the theme of the direction of Korea-Russia economic cooperation in support of Eurasia’s common prosperity and progress.

Russia is a huge consumer market with a population of 140 million as well as abundant natural resources, including natural gas and crude oil, and world-class basic and original technologies. In this connection, the country is regarded as one of the key partners for Korea's New Northern Policy. 

In his keynote address, President Moon gave a high evaluation to the fact that bilateral trade, which had so far contracted, was showing signs of rapid recovery even in the face of adverse conditions in the global economy. The President proposed that the two countries further expand cooperation to increase trade to US$30 billion by 2020, the year marking the 30th anniversary of the establishment of diplomatic relations.   

In particular, President Moon stressed that the recent atmosphere formed by the improvement in inter-Korean relations would lead to a significant opportunity to strengthen economic cooperation between Korea and Russia. In addition, the President proposed directions for bilateral economic cooperation going forward: establishing the foundation for mutually beneficial economic collaboration, boosting efforts to secure future growth engines, starting in earnest cooperation to develop Eurasia and the Far East, and forming the basis for trilateral cooperation among the two Koreas and Russia. 

Moreover, President Moon encouraged business leaders from Korea and Russia and praised them for their dedication and passion in contributing to the development of bilateral economic relations over the past 30 years since the establishment of diplomatic relations between the two countries. The President also asked them to play active roles in the establishment of stable and forward-looking cooperative relations.