RDIF and Korea Investment Corporation Create Investment Platform
Russia continues to build and stimulate economic ties with its Eastern and Southern neighbors through their national co-investment vehicle. On November 13, 2013, the Russia Direct Investment Fund and the Korea Investment Corporation (KIC) agreed to a memorandum to create the Russian-Korean Investment Platform – a similar type of vehicle the RDIF developed with the China Investment Corporation. Major dignitaries were at the signing including Russian President Vladimir Putin and Korean President Park Geun-hye.
The US$ 500 million investment platform will assist cross-border investment activity between Russia and Korea. The platform is intended to foster greater trade between the nations and encourage investment cooperation.
According to the RDIF press release, Lee Dong-Ik, CIO of KIC, said: “Today Russia is the 11th largest trade partner of the Republic of Korea with a proportion of about 2.1% of our trade. There are over 1,200 Korean companies with capital invested in Russia. The launch of this joint investment platform will provide additional opportunities for businesses from both Korea and Russia to further develop these relationships.”
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