At the end of January 2020, the Russian Far East Investment Promotion Agency announced that South Korean infrastructure and engineering company Hyein E & C plans to invest about $ 500 million to expand the port of Slavyanka in the Russian Far East. The company has completed a feasibility study for the project and submitted it to regional authorities.

Hyein E & C's projects include the construction of a multi-purpose terminal for the transportation of containers and grain, and the development of an LNG export terminal with an estimated annual transfer capacity of 1 million tons.

The Russian Far East Investment Promotion Agency said the expansion of the Slavyanka port is part of the anchoring project for the Primorye-2 International Transport Corridor. The corridor will be used to transport goods between China, Japan, South Korea and Russia. Its main transportation route will be from Jilin, China to Hunchun, and then to Krasno and Zarubino in Russia.

The transport corridor was launched in test mode in 2017. The Russian Far East Investment Promotion Agency estimates that by 2030, its freight base potential is approximately 23 million tons of grain and 15 million tons of container cargo. Primorye-2 is one of the two transportation corridors between China and Russia to the east and provides the shortest route to the former Northeast Provinces to Russia's Primorsky Krai.

Leonid Petukhov, general manager of the Russian Far East Investment Promotion Agency, said: "We hope that Korea can benefit from the project by entering the Russian market, and Russia can modernize some of the services."

According to the Russian Far East Investment Promotion Agency's estimates, the expansion of the port will create about 100,000 new jobs and generate nearly $ 2.8 billion in value-added products and services each year.Editor / Huang Lijun