Measures that affect export relationships between Russia and South Korea

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Which particular measures were implemented for developing exports to Russia or countries with similar economic situations or countries in the same geographic zone?

The creation of high-tech industries as the country is kept on the sale of raw materials, due to the privatization of production in the country it is necessary to improve the overall communication in between through the advertisement or joint market.

Based on the experience of other different countries, what changes have allowed increasing the volume of exports to these countries

The biggest trade component Russia supplies South Korea now is with raw agricultural products, and South Korea provides Russia the most with high-tech products for the development of production. In this sense, as you might understand, it is always better to simply understand what the other side of the country needs the most at the time of trade partnership.

What difficulties Korean companies face while exporting products from South Korea to Russia?

Difficulties in distinguishing the laws of Korea and Russia. For example, in the agreement of 2018, there is a clause that says about removing the principles of double taxation, where the position of the two countries should be clearly discussed.

Calculations and finance should not be made in dollars since it will be helpful to remove a third party (America) from the dialogue of trade relations.

The increase in trade with Korea can and even should be translated into another currency.

Russia seems to pursue the ruble as to become a reserve currency (BRICs) to implement a system of free investment and reserve currency, the faster this direction will develop, the sooner it will be possible to establish and increase exports safer and faster with South Korea.

How can this relationship be improved: by private firms or governmental measures?

It definitely can be improved in different ways, but since South Korea is far further in development and production, it is safe to say that the Russian side should try and implement South Korean piers. Hence, state investments into various companies are very common in South Korea, from where the huge trade support for businesses comes from said South Korean government.

Also, avoiding double taxation must play one of the main roles in improving trade relationships between these countries, since this is exactly what will make it easier, less problematic.

Development of the free trade market should also be mentioned since it stimulates economic growth, increases foreign investment, as well as allows consumers regardless of wage to obtain product or service on a local level.

Which particular measures in trading policies can you suggest to improve export to Russia?

Unfortunately, Russia has a high dependency on oil and gas prices as if they are considered to be crucial for policymakers. In this sense, it is necessary to improve or diversify other economic fields, in case of sudden changes that will try to weaken the economy.

What measures Korean firms take to increase their overall export? (Not only to Russia)

There is always a need for an arena where different companies or businesses can showcase their fieldwork as well as directly communicate with representatives to understand if this relationship can bring good potential. Hence, participation in business forums for the economic sector in different countries can be of help. This way, representatives of two countries' businesses can have a brain-storming meeting on the spot to distinguish the similarities in the economic sector, which they both wish to acquire, to improve, increase trade relations, as well as to gain investment opportunities.

What are the most promising business fields (trends) for export from South Korea to Russia?

It feels like for the time being, mainly due to the COVID-19 outbreak in many countries, it will be challenging to improve trade from the point of where it is now, but again the economy is never-ending full of surprises.

As I see it, there are already a lot of automobile assembly plants put on Russian territory by various Korean companies for their Korean money, where said companies are training and paying for the qualified personnel.

In my opinion, high volume production as in electronics or raw material processing plants are the main destination for evolving of partnership, even though it is important not to foresee the medical, as well as cosmetics industries, which are gaining their volume of import into Russia due to the growing interest in South Korea as it is, called Korean Wave.