In Brief : S. Korea, U.S.S.R. Encourage Trade
The Soviet Union and South Korea have agreed in principle to set up joint ventures this year to help boost direct bilateral trade, a spokesman for the Hyundai group of companies said today.
The agreement calls for the Soviet Chamber of Commerce and Industries to form joint-venture firms in construction, manufacturing and fisheries with Hyundai, South Korea’s biggest conglomerate.
The spokesman said letters of intent were exchanged in Seoul on Monday between Vladimir Golanov, vice chairman of the Soviet chamber, and Lee Myung-bak, chairman of Hyundai Engineering and Construction, a Hyundai subsidiary.
The agreement was seen as another sign of fast improving relations between the two countries since the Soviet Union participated in the 1988 Seoul Olympic Games.