South Korean Example Confirms Mass Testing Helps to Stop COVID-19 Spread - RDIF CEO

"The absence of new cases of coronavirus infections in South Korea during the last day demonstrates that focus on active mass testing helps to stop the spread of the virus and is key to restoration of economic activity", said CEO of the Russian Direct Investment Fund Kirill Dmitriev.

Despite its proximity to China, South Korea has managed to bring the outbreak under control and stop the spread of the disease without draconian measures. In its fight against the disease, Seoul focused on mass testing. More than 619,000 people have been tested since the beginning of the outbreak. Seoul’s strategy turned out to be a success. South Korea’s Centres for Disease Control and Prevention said that only four new cases were reported in the country and that all of them were imported. Authorities stated that no local transmission of the disease occurred as a result of the country's parliamentary election on 15 April. At the time of writing the story, South Korea has 10,765 coronavirus cases and 247 deaths, while 9,059 have recovered from the disease.

South Korea's Investment Corporation Fund recently took part in talks on coronavirus response organised by the Russian Direct Investment Fund. Major global investors and foreign sovereign wealth funds from 14 countries, including China, France, Japan, Singapore, the UAE, and the United States took part in the videoconference, which was held on 28 April.

"RDIF is working in close contact with Korea Investment Corporation (KIC), the sovereign wealth fund of the Republic of Korea, and continues active information exchange with KIC about fighting the pandemic", said Kirill Dmitriev, CEO of the Russian Direct Investment Fund.

The participants of the video conference agreed to expand cooperation in order to overcome the unprecedented economic slowdown and discussed investment in technologies and companies that will help to defeat the virus. Representatives from countries that have gained important experience in combating the virus shared their knowledge.