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Korean companies are interested in development of business in Leningrad region


Korean companies are interested in development of business in Leningrad region and appreciate support of the local authorities.

Such opinion was voiced during an annual final meeting for the representatives of Korean companies and the regional authorities of Northwestern federal district which was initiated by the Consulate General of the Republic of Korea in Saint Petersburg.

First Deputy Chairman of the Committee for Economic Development and Investment Activity of Leningrad Region Egor Mishcheryakov and Director of Economic Development Agency of Leningrad Region Anastasia Mikhalchenko told about localization in the region and promising investment niches for Korean investors. Another confirmation of such interest is a large number of questions about tax benefits and preferences for investors in the region and requests received by the Agency from the companies.

Today, the main direction for Korean investments is automotive industry. The companies produce automotive components for Hyundai cars. Among the largest companies are Yura Corporation Rus in Ivangorod, Hanil Rus in Vsevolozhsk. An investment agreement on creation of an automotive components production plant was concluded with DRB Rus company in September during the Baltic Region Investment Forum BRIEF.

It is worth mentioning that according to the results of three quarters of 2020 the trade turnover between Leningrad region and the Republic of Korea has increased by 57% in comparison with the previous year and amounted to 109.5 million USD. The export value from Leningrad region to Korea amounted to 59 million USD (1.5% of the total export of the region), having increased by 262%.

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