KITA News and Reports
  • KITA held Russia Market Seminar
    2017-04-27

    KITA held Russia Market Seminar

    - Need to build entry strategies after the thorough examination of administrative tax support benefits of each industrial park -

     

    The Korea International Trade Association (Chairman, Kim In-ho) held ‘Russia Market Seminar’ at the Trade Tower in Samseong-dong, Seoul on April 25th by inviting the delegation of the Russian Association of Industrial Parks and Korean companies who are willing to make inroads into Russia.

     

    Denis Zhuravskiy, CEO of the Russian Association of Industrial Parks, Victor Kirillov Deputy Director of the Russian Trade Representation and Dina Erdyneeva from the Ministry of Industry and Trade of the Russian Federation participated in the seminar. More than 200 officials from 150 Korean potential companies who are interested in entering into Russia, including Shindong Enercom, Doosan Heavy Industries, Hyosung, OCI Corporation, etc. took part in the event.

     

    At the seminar, the Russian participants introduced the localization strategy by entering into regional industrial parks, the status of promising industries by region, and the differentiated administrative tax support system in detail.

     

    In the Free Economic Zone in Sverdlovsk, where the city of Yekaterinburg is situated, corporate tax is charged at 2.0%, which is significantly lower than the Russian standard corporation tax rate of 20%, and property tax and value added tax are exempted for a certain period of time. In addition, the state government attracted attention by presenting a western-style ‘One-Stop Shop,’ which provides services ranging from site selection, search of suppliers of products to legal advice.


    CEO Zhuravskiy of the Russian Association of Industrial Parks stressed Currently, each industrial park in different regions in Russia is competitively coming up with differentiated support schemes in order to attract companies who want to enter into Russia. If a company is trying to secure a hub in Russia, it is the right time to make inroads into Russia.  

     

    He showed his confidence in the following speech by saying Russia has a population of 140 million and an economic power of 1.6 trillion dollars in GDP and a leader of the Eurasian Economic Union (EAEU). Russia is qualified as a hub because you can easily access not only to Russian market but also the EAEU, including Belarus, Kazakhstan, Armenia and Kyrgyzstan and CIS markets. 

     

    An official from KITA said "Russia is an attractive as an alternative market to cope with protectionist trade trends that are spreading in recent years in China and the United States. The Korean companies wishing to enter into Russian market need to thoroughly examine the various support benefits offered by different regions."

     

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