Asia – Eurasia
№109 Russian Far East Development from the Korean Perspective
Korean Perspective
pdf 0.39 MB

The Russian Far East consists of nine federal entities, with a vast land equivalent to 36% of Russia’s territory and wealth of abundant natural resources. Nevertheless, the investment environment of the Russian Far East is not favourable, and the region is not considered that attractive of an investment destination. Total population in the Far East amounted to only 6.3 million in 2010, and the size of the consumer market is very limited. In addition, the unfavourable geographical location of the region, which is the central part of Russia, severe climatic conditions, high degree of dependence on raw material production and armament industry rooted in the past-Soviet era, low level of industrialization and urbanization, and deteriorated infrastructure are the major socioeconomic characteristics of the Russian Far East.

With the Putin government since 2000, Russia’s interest in Northeast Asia and the APR began to increase, and a new Turn to the East policy began in earnest after the beginning of Putin’s third term as a president in 2012. This policy was underpinned by two factors. First, the Russian government considered the fact that the centre of global economic growth is moving to the Asia-Pacific and also tried to spur development of the underdeveloped Far East and Siberian regions. Second, the Russian government sought to promote cooperation with Asia-Pacific countries by expanding its political and economic influence on Northeast Asia, including the Korean Peninsula.