Kaluga region’s delegation holds presentation of economic potential in Seoul

SEOUL, September 6 (Itar-Tass) —— A delegation of the Kaluga region headed by Governor Anatoly Artamonov has held a presentation of its trade and economic potential in Seoul.

In the governor’s words, it was necessary to give detailed information not only about the Kaluga region, but also about its development plans, which are closely linked with an inflow of investments, including from South Korea.

The Kaluga region is one of Russia’s most dynamically developing territories, where such companies as Samsung (flat-screens), Lotte (confectionery) and KTG (tobacco) have already built their plants and launched production of their goods, he said.

Currently, trade turnover between the Kaluga region and South Korea reached 240 million U.S. dollars, as compared to six million U.S. dollars in 2004, the governor reaffirmed.

“I am optimistic pertaining to the prospects for the development of cooperation between the Kaluga region and South Korea,” Artamonov told Itar-Tass.

“If such big companies, as Samsung, Lotte and others are operating in the region, then it may mean that they highly assess [the regional potential]. Other companies can come to the region, too,” he said.

During the presentation, the governor and other members of the delegation informed their Korean partners about favourable conditions, which were created there for foreign business. “We removed all bureaucratic formalities. We fully overcame corruption. And we are not making distinctions between foreign investors, who will come with one million U.S. dollars or one billion U.S. dollars,” Artamonov stressed.

At the presentation, Korean-speaking lawyer Alexander Pak informed representatives of the South Korean business community about legal regulation of investment activity in Russia, trends of the economic development, ways for the accession of foreign investors on the Russian market, purchase of enterprises and other issues, which are traditionally interesting for South Korea’s businessmen.

The Kaluga Region is a relatively small region (29,900 square kilometres) situated on the East European Plain of central Russia between the Moscow, Tula, Bryansk, Smolensk and Oryol regions.

The Kaluga Region is a part of the Central Federal District and is in a very convenient and favourable location owing to the well-developed transportation network that is typical for this federal district. Major international highways and railway lines, e.g., Moscow-Kaluga-Bryansk-Kiev-Lvov-Warsaw, pass through the region.

Companies in the region manufacture high-tech and innovative products based on the latest technologies, e.g., turbines, gas turbine engines, various kinds of instruments, digital electronic devices, permanent magnets, automotive electrical equipment, high-precision power hydraulic systems, heavy railway track machinery, and sophisticated radar equipment. The region-manufactured products are exported to more than 80 countries. The region is also active in developing business ties with the governments and private businesses and organizations of Germany, Finland, India, the Czech Republic, Bulgaria, South Korea and other countries of the world and expanding commercial partnerships with the CIS countries.

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