The Putin Administration's Far East Development Plans and the Future of Korea-Russia Cooperation

8 Pages Posted: 6 Sep 2013 Last revised: 21 Oct 2013

See all articles by Sung Hoon Jeh

Sung Hoon Jeh

Korea Institute for International Economic Policy

Boogyun Kang

Korea Institute for International Economic Policy

Date Written: June 17, 2013

Abstract

The Russian government in Putin’s third term, in addition to establishing the Ministry for the Development of the Russian Far East in May 2012 directly after the presidential inauguration, is preparing a national program for the “Socio-Economic Development of the Far East and the Baikal region until 2025. The economic factors play a critical role in this unprecedented interest of developing the Far East and the Baikal region. These regions, due to their geographical location, will be directly affected by the economic growth and integration of the rising Asia-Pacific region. Despite economic crisis, the Asia-Pacific region has been growing consistently, accounting for about 53 percent of world GDP and 44 percent of global trade. At the meeting with heads of diplomatic missions on July 9, 2012, Putin stated that Russia's active participation in the process of Asia-Pacific integration will boost socioeconomic growth in Siberia and the Far East, and emphasized the linkage between Asian-Pacific economic cooperation and the development in the Far East.

In the dimension of “the peaceful cooperation structure in Northeast Asia and expansion cooperation with Eurasia,” one of the Korean government’s policy goals, the Russia's Far Eastern region is geographical links for promoting Northern Triangle cooperation among South Korea, North Korea and Russia. The Russian government’s Far East development plan should be considered as a crucial factor for Korea’s securement of new sources of economic growth, through its expansion into emerging markets. Accordingly it is highly necessary to analyze, based on the socioeconomic situation in the Russian Far East and the Baikal region, the Putin administration’s concepts and plans for Far East development. And it is also required to seek ways to facilitate cooperation between Korea and Russia.

Keywords: Russia, Far East, Baikal, Putin, Korea-Russia Cooperation

Suggested Citation

Jeh, Sung Hoon and Kang, Boogyun, The Putin Administration's Far East Development Plans and the Future of Korea-Russia Cooperation (June 17, 2013). KIEP Research Paper NO. World Economy Update 13-26. Available at SSRN: https://ssrn.com/abstract=2320985 or http://dx.doi.org/10.2139/ssrn.2320985

Sung Hoon Jeh (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Boogyun Kang

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

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