Korean firms prepare to resume business in Russia amid truce talks

cross-posted from: https://lemm.ee/post/59803274

• major Korean companies are accelerating their feasibility studies on resuming business in Russia. The move comes as Russia is seen as a critical market for diversifying business interests, especially amid growing tariff pressures from the United States.

• Among major Korean firms, LG Electronics is making a swift move. According to industry officials, LG Electronics partially resumed operations at its electronic appliance plant in Moscow of late.

• HD Hyundai Electric, which has been maintaining its Russian business through the war, will participate through a local distributor in Electro 2025, Russia's largest electrical exhibition, scheduled for April 1 to 4, in an apparent move to exploit the high demand for restoring power infrastructure damaged by the war.

• Hyundai Motor Group is also busy studying the feasibility of the post-war Russian market.

• Apart from Hyundai Motor, its affiliates Kia, Hyundai Mobis, and Hyundai Steel have recently posted job openings in Russia, signaling greater chances of the group resuming business in Russia.

• Samsung Electronics is also reviewing the feasibility of resuming its Russian business. In February, a Russian newspaper reported that Samsung's marketing expenses from January to February this year increased 30 percent from the same period a year earlier.