Business news

MOGILEV, 30 November (BelTA) – The advancement of economic cooperation between Mogilev Oblast and the Republic of Korea was high on the agenda of the meeting of Mogilev Oblast Governor Vladimir Domanevsky and Ambassador of the Republic of Korea to Belarus Kim Yong Ho on 30 November, BelTA has learned.

The governor said that trade between Mogilev Oblast and South Korea has been steadily rising for the last three years. In 2015 South Korea’s share in Mogilev Oblast’s non-CIS trade was as low as 1.3%. In January-September 2017 the figure rose to 3.9%. “We see the growing interest of Belarusian and Korean commercial entities in mutually beneficial cooperation and are ready to do everything to advance the bilateral relations in trade, manufacturing cooperation, investment cooperation, and the establishment of joint ventures with Korean capital in Mogilev Oblast,” said the official.

Vladimir Domanevsky expressed interest in establishing interregional cooperation with a South Korea province, in expanding cooperation in cultural affairs, education, and tourism. He suggested arranging a meeting of representatives of the private sector from Mogilev Oblast and South Korea. Vladimir Domanevsky also invited the ambassador to take part in the international investment forum Mill of Success, which will take place in Mogilev in June 2018.

In turn, Kim Yong Ho noted that his first visit to Mogilev Oblast had been focused on culture and traditions of the land. During his current two-day visit he intends to get familiar with the region’s economic capabilities. “As I studied the region from afar, I found out it has a powerful industrial potential and good opportunities for expanding economic cooperation with the Republic of Korea. Just like Belarus as a whole the region offers a favorable investment climate and a sufficient number of highly qualified personnel. It opens up good prospects for investment cooperation among other things. We consider Mogilev Oblast one of the strategic platforms for Korean investments. We would like to sell jointly manufactured products to the European Union and the Eurasian Economic Union,” said the diplomat.

In his words, the Korean side is now in negotiations on free trade with the Eurasian Economic Union. If the idea is implemented soon, it will send an important signal to the Korean business community for activating economic and investment cooperation with Belarus.

On 30 November the ambassador also took part in the opening ceremony of Korean Cinema Days in Mogilev. He intends to visit the technology park Mogilev and the lift manufacturer Mogilevliftmash the next day.