Korea, Russia to Cooperate in Gas, Railway Projects

President Park Geun-hye and Russian President Vladimir Putin on Wednesday agreed to cooperate more closely in railway, natural gas and power supply projects in Siberia.

"South Korea and Russia will join hands to create a new era for Eurasia," Park said at a joint press conference with Putin.

The initiative involves linking roads and railways in the region to build a new "silk road" from South Korea to Europe via North Korea, Russia and China.

Putin and Park also discussed a natural gas pipeline from South Korea to Russia via North Korea. Putin stressed the benefits of the projects and urged that they should not be delayed any further.

A joint statement contained 35 agreements on mid and long-term plans for railway projects and also signed around 15 memoranda of understanding to cooperate in shipbuilding, transport and energy.

Park stressed that peace in Northeast Asia is "crucial" to pursue the massive projects and added that she and Putin agreed on the need to get North Korea to scrap its nuclear weapons and abide by pledges it made in six-party talks. Park and Putin also urged the swift resumption of stalled six-party talks.

The two leaders also signed agreements on a mutual 60-day visa waiver and to set up cultural centers. The visa-waiver was agreed at the G20 Summit in September.