Results of Novgorod delegation’s business-mission to South Korea

Business-mission of Novgorod region’s delegation to South Korea, led by the 1st deputy Governor Veronika Minina, took place on November, 25-27.
The delegation included representatives of Novgorod region’s production companies, Government, development institutions.
Within the business-mission Novgorod’s delegation visited the forum «Russia Investment Day 2018», organized by Korea Trade-Investment Promotion Agency (KOTRA).
Before the forum deputy Governor Veronika Minina and investment policy Minister Vladimir Kuimov met the Ambassador of the Russian Federation to the Republic of Korea Andrey B. Kulik.
According to Andrey Kulik, the Embassy hopes for fruitful cooperation of Novgorod region with Korean colleagues and is ready to support the region in implementing projects.  
«Russia Investment Day 2018» started in Korea Chamber of Commerce and Industry. Representatives of Tumen, Ulyanovsk and Irkutsk regions also participated in the event.
The guests were welcomed by the chairman of Korea-Russia Business and Investment Council (KRBIC) Keun Tae Park, General Director of Korea Trade-Investment Promotion Agency (KOTRA) Kim Jung Chun, Chairman of Presidential Committee on Northern Economic Cooperation Park Jung, Honorary consul of the Republic of Korea in Tumen Region Igor Samkaev.
Korea-Russia Business and Investment Council (KRBIC) presented review of economic situation in 2018 and forecast for 2019.

Veronika Minina presented investment potential of Novgorod region. In her speech she determined perspective branches for implementing investment projects in the region.

Another event of «Russia Investment Day 2018» was press-conference of Veronika Minina with Korean mass-media. The newspaper “Seoul Daily” was interested if there existed a possibility to overcome difficulties connected with the sanctions, which branches were perspective for Korean investors and in which way Novgorod region could be interesting for Korean business.

Veronika Minina highlighted the region’s HR capacity, unique logistics and location near the vast markets of Moscow and Saint-Petersburg.
She told significant success stories of the companies with foreign capital operating in Novgorod region.
Representatives of South Korean mass media asked investment policy Minister Vladimir Kuimov why Novgorod region was sure that Korean market would accept Russian goods and why those goods would be interesting for the consumer.  
Vladimir Kuimov gave the following answer:
- Representatives of the company “Grumant” are here with us. They brought such technologies and goods which are not available on the Korean market. In this, the goods meet American and European quality standards. Cooperation with this company will help you to get unique products for food industry. We possess unique technologies which Korea doesn’t have.
Business meetings of Novgorodian businessmen with their Korean colleagues, organized by Novgorod region development agency together with Trade Representation of the Russian Federation in the Republic of Korea, were also one of the important events. Thus, representatives of the company "Grumant“ (a producer of extracts and essential oils for cosmetic and pharmaceutical branches) reached a perspective agreement with the Korean cosmetic company «CoSeedBioPharm» Co. The representatives of the company were interested in the product range, asked for the necessary clarifying documents, took the samples and some time to consider further plans.
Novgorod region development agency’s director Sergey Grigoriev told during the conversation about the region’s advantages, tax deductions and invited the managers of Korean companies to visit Veliky Novgorod. One more result of the conversations were perspectives of building a joint enterprise in Novgorod region.
Notably, the strategy defined by KOTRA for 2019 is to create an information platform for Korean companies about potential of Russian regions.
KOTRA’s task is to increase import of Russian raw materials and to increase volumes of investments. Korea today is free from sanctions restrictions and is ready to suggest alternative types of cooperation to Russian, in particular Novgorodian, companies.