Prime Minister Viktor Chernomyrdin said on arrival in Seoul September 28 for a three-day visit that the level of South Korean investment in Russia was short of Moscow’s needs. He told a news conference that bilateral trade volume was expected to reach $3 billion this year; but South Korean investment currently amounts to only $27 million, "nothing but pennies," he told reporters. (5)
South Korean firms have been reluctant to invest in Russia, citing unfavorable laws discouraging foreign investment and dim economic prospects. South Korean ambassador to Russia Kim Sukkyu, arriving in Seoul shortly ahead of Chernomyrdin, urged domestic firms to go ahead and invest in Russia. The two countries established diplomatic ties in September 1990.
Russia Also Seeks Foreign Investment in Kurile Islands.