South Korea and Russia will hold a policy meeting in Vladivostok this week to discuss ways to expand cooperation in the development of the Russian Far East, the government said Tuesday.

The finance ministry said the bilateral economic, science and technology meeting scheduled for Friday will allow Seoul and Moscow to review various development plans that can benefit both sides.

Moscow's so-called far eastern policy, which aims to build up the sparsely populated and underdeveloped region, coincides with Seoul's "Eurasia Initiative," it said.

The initiative aims to bind Eurasian nations closely together by linking roads and railways that run from South Korea to Europe via North Korea, Russia and China.

"By promoting two-way cooperation, South Korea and Russia can open a new horizon in their relationship," said the ministry in charge of formulating economic policy.

South Korea will be represented by Finance Minister Choi Kyung-hwan, who will lead officials from eight ministries, while Deputy Prime Minister Yuri Trutnev will head the Russian delegation made up of policymakers from the energy and transportation ministries and the Far East development office.

Choi also holds the post of deputy prime minister in charge of economic affairs.

The annual meeting headed by deputy prime minister-level officials has been held every year since 1992, playing a crucial role in strengthening economic ties and cooperation.

For this year's meeting, negotiations between officials will be held on eight sectors that encompass trade, investment, energy, transportation, and science and technology, according to the ministry. (Yonhap)