The Republic of Korea will work to create a basis for trilateral economic cooperation with Russia and North Korea, South Korean President Moon Jae-in said during the first Russian-Korean Summit on Interregional Cooperation that was held on Thursday in the city of Pohang.

Axar.az reports: "The government will lay a stable foundation for economic cooperation in the triangle South Korea - North Korea - Russia. It will help establish peace on the whole Korean Peninsula," the president stressed. He also noted that North Gyeongsang Province will become a key region in trade relations with South Korea’s northern partners.

Moon Jae-in alto thanked Russian President Vladimir Putin for "unfailing strong support for the movement toward peace on the Korean Peninsula." He reiterated that the two countries’ leaders agreed during the previously held meeting to establish a forum for the development of bilateral cooperation. Russia’s Far East should play the central role in it.

"Today is the historic day when the first move in this direction was made," Moon Jae-in said. "It will become a turning point in the development of comprehensive cooperation between the regional and central governments of Russia and Korea."

The president stressed that Seoul and Moscow have waited for this day for almost 30 years since the establishment of diplomatic relations between them. He noted that the regions may play a crucial role in the galvanization of economic ties.

The first Russian-Korean Summit on Interregional Cooperation was launched in Pohang on Wednesday and will run until November 9. It involves representatives for nine entities of Russia’s Far Eastern Federal District and 17 regions of the Republic of Korea. At the forum representatives for regional governments, experts and businessmen are discussing prospects for the development of bilateral economic cooperation.