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A forecast of S. Korea’s export to Russia
According to KOTRA (Korea Trade-Investment Promotion Agency), South Korea’s exports to Russia will not change significantly for a few years.
The agency said the demand for Korea’s major export items such as automobiles, electronics and electric items, and chemical products will gradually expand in the Russian market as the nation has been maintaining a stable level of economic growth.
“Russia witnessed a significant economic contraction since 2008 when prices of its major revenue stream, petroleum and natural gas, plunged amid the global financial crisis,” KOTRA noted. “The Russian government has been promoting structural changes in the economy by selecting five core business sectors to focus on, which were the IT, healthcare, energy efficiency, nuclear energy, and aerospace industries.”
The Russian government will also encourage foreign investment in an effort to change the economic structure, and the nation’s plan to develop an economic bloc among CIS (Commonwealth of Independent States) countries will be fueled under Putin’s
leadership who supports the policy of creating a strong Russia.
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