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The lawyers of Pepeliaev Group will provide legal assistance to a client in connection with the creation of an industrial park further to Korean-Russian economic collaboration in Primorye Territory.

28.12.2020

The lawyers of Pepeliaev Group's Far East Office will provide legal assistance to Shin & Kim - LH Corporation in connection with the implementation of a new project which is unique to the Far East of Russia: the creation of an industrial park, known as the Korea Industrial Park ("KIP"), further to Korean-Russian economic collaboration in Primorye Territory. The Nadezhdinskaya priority development area has been designated as the place where the KIP will be located. The project provides for the investment activities of Korean companies planning to obtain the status of a resident of this priority development area. 
 
For one year, Far East Development Corporation together with the Agency for Attracting Investments have been fine-tuning the details to implement the project with LH Corporation. On 18 December, a cooperation agreement was signed for the purposes of implementing the 'Korea Industrial Park in Primorye Territory' project. The parties to the agreement are the Ministry for the Development of the Russian Far East and Arctic, JSC Far East Development Corporation, and Korea Land and Housing Corporation. The agreement clearly defines the functions and responsibilities at all stages as the Korea Industrial Park is being created, as well as its structure and the scope of construction of the infrastructure facilities necessary for the activities of residents of the priority development area. It is also planned to set up a working group with the participation of the Ministry for the Development of the Russian Far East and Arctic. For its part, LH will establish a Russian legal entity for the purpose of implementing and promoting the 'Korea Industrial Park in Primorye Territory' project, attracting potential investors and assisting in obtaining the status of a resident of Nadezhdinskaya.

Within the project, Pepeliaev Group’s lawyers will provide the client with comprehensive legal support in relation to the KIP being implemented and operated. For instance, our team will estimate in how far it is in line with Russian legislation, will suggest alternative business structures for the KIP based on an analysis of current Russian legislation, and will analyse the legal issues (concerns) expected to arise at each stage of the KIP. In addition, our experts will review issues connected with the winding-up of the company and with the lease agreements entered into with lessees, and will negotiate with the client any land-related, customs-related and antitrust issues.

“We are delighted that Pepeliaev Group has become involved in the implementation of such a large-scale and unique project, which is regarded as vital even in federal government circles," comments Natalia Prisekina, a Partner at Pepeliaev Group and Head of the firm's Far East Office. "The lawyers in our Far East Office will be able to show their skills in a new direction, namely, comprehensive client work which includes a meticulous review of a multitude of legal aspects relating to the implementation and functioning of the project. In addition, LH Corporation is planning to attract Korean companies to the Industrial Park. to pursue their own projects. In return, we will obtain a unique opportunity to become a partner supporting these Korean projects in Primorye Territory”. 

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