Mr Li told reporters in Moscow on March 13 that the RoK and Russia have great potential for meeting the target as both established a strategic partnership during Prime Minister Lee Muyng Pak’s visit to Russia in 2008.

He said during his four-year term, he will help strengthen political ties between Seoul and Moscow to address nuclear issues on the Korean peninsula.

He will make a greater effort to increase bilateral trade by 3-4 fold, boost bilateral cooperation in energy, technology and industry, and promote friendship and mutual understanding between the two nations.

To mark 20 years of diplomacy between the RoK and Russia, Mr Li said 60 cultural events will take place in both countries, with a big concert in Moscow on April 2 to kick-start the series.

Seoul will host a Korean fashion show and a RoK goods exhibition in Moscow.

According to Mr Li, President Dmitry Medvedev is scheduled to visit the RoK this autumn.