2024-07-05 22:20:02
First Vice Minister of Trade, Industry and Energy: “Russian Conglomerate Trend Will Continue Due to Sanctions”
“Russian industrial structure transforms into Korean ‘chaebol’ and Japanese ‘zaibatsu'”
“A conglomerate like Samsung that makes both TVs and gas carriers will emerge”
A senior official from the Russian Ministry of Industry and Trade pointed out that the country’s economy is becoming conglomerate-ized (чеболизаци) like South Korea, citing Samsung as an example.
Vasily Oshimakov, First Deputy Minister of Industry and Trade of Russia, diagnosed the conglomeration of the domestic industrial structure in an interview with RIA Novosti published on the 4th (local time), saying, “When the market was formed globally and loans were relatively cheap, the industry worked independently. However, as soon as serious sanctions appeared, it became necessary to sell products through financial partners and trading companies.”
Deputy Minister Oshimakov said, “That is why the current simultaneous rise of financial, trade, and industrial capital, that is, ‘chaebolization’ as a form rather than an origin, has become necessary. And this trend will continue.” He pointed out that “this word is derived from the Korean word ‘chaebol (財閥)’. There is a similar term in Japan called ‘zaibatsu (ざいばつ)’.”
He continued, “Historically, capitalism in these countries (Korea and Japan) has developed through trade,” and “Most Japanese and Korean companies are multi-sectoral companies. For example, Samsung makes both televisions and gas tankers. This is a characteristic of East Asia.”
He also said, “The families that founded Mitsubishi and Toyota were initially merchants. After they had established capital, they began to establish industrial assets under it,” but explained, “In Russia, the formation took place in a different way. Industrial, banking, and financial capital were formed separately.”
Such remarks reveal that capital is being concentrated in a small number of people under the closed economic environment caused by Western sanctions. This means that even within Russia, concentrated capital is being transformed into conglomerates with subsidiaries in various fields.
Russia has been under international sanctions since its invasion of Ukraine in February 2022.
[서울=뉴시스]
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2024-07-05 22:20:02