Industrial Bank of Korea set to invest $1bn in Russian Far East shipping sector

The Industrial Bank of Korea is proposing to establish a joint fund for the development of infrastructure projects in the Far East, Russia’s Deputy Prime Minister Yuri Trutnev told reporters at the Russian-South Korean economic forum on Tuesday. The fund would focus on the development of shipbuilding and shipyard construction infrastructure projects. By investing in Russia’s shipping sector, South Korea would be looking to gain access to the Northern Sea Route linking Europe to the Pacific via the Kara Sea. Moscow Telegraph