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

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.