"If we unite North Korea’s workforce, Russia’s resources and capital and [South] Korean technology than we can achieve tremendous and long-lasting results in the development of east Siberia," Lee Jae-oh said in an interview with RIA Novosti.

While in Russia, Lee Jae-oh is holding discussions on the South Korean president’s plan to create a northeast Asian economic community.

"[South] Korea is currently in fifth place in the world in terms of the refining of oil [2.6 million barrels daily]," the official said. "Our enterprises are internationally competitive in the construction of oil, gas and chemical complexes, as well as of pipelines. If we join the plentiful oil and natural gas resources of east Siberia together with the industrial and technological powers of [South] Korea, than both countries could become mutually beneficial partners."

Lee Jae-oh said that the new South Korean government plans to do everything possible to promote and advance relations with Russia to reinvigorate trade and investments, as the new president sees the future of his country as being closely connected with Russia.

He also said that that trilateral cooperation between Russia, South Korea and North Korea would only help to speed up economic ties between both Koreas.

(Novosti, 23th january 2008)