Seoul and Moscow on Friday agreed to set up a consultative body to develop business opportunities and support South Korea companies in Russia's untouched easternmost region.

The working-level channel will arrange natural resources development and infrastructure construction projects in Siberia and the far eastern part of the Asian continent.

The two countries have already agreed to raise US$3 billion in 2013 to support bilateral business projects.

The two countries will exchange lists of prospective projects next month.

South Korea's Deputy Prime Minister and Finance Minister Choi Kyung-hwan and his Russian counterpart Yury Trutnev reached an agreement on the issue in a regular high-level meeting held in Vladivostok, Russia.

"There is greater potential in economic cooperation between South Korea and Russia," said Choi. "I and Minister Trutnev will seek ways to support South Korea companies doing business in Russia."

The two countries have been moving to get closer in recent days since their trade was hit hard by economic sanctions by the European Union following the Ukraine crisis.

Shipment of goods from Asia's fourth-largest economy to Russia came to US$3.2 billion in the first eight months of this year, down from $7.7 billion the year before. For all of 2014, South Korea exported $10.1 billion in goods to Russia. (Yonhap)