Lee Won-wook, chairman of the Korea-Belarus Parliamentary Friendship Group, third from left, poses for a photo with Andrei Dapkiunas, deputy minister of foreign affairs of Belarus, fourth from left, and Kwon Tae-shin, vice chairman of the FKI, center, at the Korea-Belarus Business Round Table event held at FKI building in Yeouido, western Seoul, on Wednesday. [Photo provided by FKI]
South Korean companies are hoping to find new business opportunities in Belarus, a country linking eastern Europe with Russia and Commonwealth of Independent States, amid rising external uncertainty from the United States-China trade war, U.S.’s economic sanctions against Iran, and Turkey’s currency crisis.
The Federation of Korean Industries (FKI) on Wednesday jointly hosted the Korea-Belarus Business Round Table event at the FKI building in Yeouido, western Seoul, with the Embassy of Belarus of Korea, Association of High Potential Enterprises of Korea, and Korea Importers Association. The event was held to seek new business partnerships between the two countries.
A group of business delegation from Belarus visited Korea with Andrei Dapkiunas, deputy minister of foreign affairs of Belarus, and urged Korean businesses to expand ties and investment in their country. They introduced Belarus as having a strong manufacturing base and boasted its strategic location connecting eastern Europe with Russia and CIS countries. They also appealed that Belarus is a member of the Eurasian Economic Union that was launched in January 2015. Korea is seeking to forge a free trade agreement with the union.
Belarusian businesses invited Korean businesses to expand investment particularly in information and communications technology, machinery, and petrochemical sectors.
Vladimir Sizov, deputy chairman of the Belarusian State Concern for Oil and Chemistry, introduced a $1.5 billion nitrogen refinement complex construction project led by its major nitrogenous fertilizer production company Grodno Azot and invited Korean companies to take part.
An unnamed official from FKI noted that trade volume between Korea and Belarus amounts to less than $100 million and bilateral economic partnership should expand by carrying out technology exchanges and joint research and development based on Belarus’ outstanding basic science technology sector and Korea’s information technology workforce.
About 40 officials from Korean businesses and institutions including SK Hynix Inc., Doosan Machine Tools, International Contractors Association of Korea, and Daelim Industrial, attended the roundtable event.
By Kang Doo-soon and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]