Delegation of investors from South Korea arrives at Chechen Republic

A delegation of investors from South Korea has arrived at the Chechen Republic. The Asian businessmen intend to invest into the Region's agro-industrial sector.

Delegation of investors from South Korea arrives at Chechen Republic

A delegation of investors from South Korea has arrived at the Chechen Republic. The Asian businessmen intend to invest into the Region's agro-industrial sector.

The city of Grozny hosted a meeting between Abdoula Magomedov, the Director of the CR Ministry of Economic and Territorial Development, and businessmen at which the parties executed a cooperation agreement.

The delegation's visit is a result of protracted negotiations between the CR and two South Korea companies Sidon and LS Netvox. The negotiations resulted in the execution of a memorandum of cooperation between the Chechen Republic's Ministry of Economic and Territorial Development and Korean company Sidon. Another trade agreement was executed between Agromir Naurskiy, an agricultural production cooperative, and Story Food, for purchasing greenhouse equipment.

According to Sidon's Managing Director Kim Te Yun, the bilateral sanctions imposed by Russia and west have ousted real competitors from the agribusiness affording South Korea a unique opportunity to approach the Russian market.

"Korean businesses believe that they now have a great chance to occupy the niche which has become available. Russia has large population, vast territories and fertile soil. I am sure that this place has good conditions for joint work", he said.

Following the official meeting, the delegation visited Alpatovo village where it inspected the facilities of Agromir Naurskiy whose 50 hectares were planted with a variety of onion developed by South Korean Sidon. According to preliminary estimates, these fields will produce about 1.5 thousand tonnes of onion.

The guests then visited Achkhoy-Martan which is expected to host a 10-hectare greenhouse complex as early as in the next year. The project will be implemented by Agromir Naurskiy jointly with Story Food, Korea. A capsule was buried here to denote the project implementation site.