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10 December 2021, 19:14

Belarus' NAIP signs cooperation memorandum with Korean partners

Photo courtesy of NAIP
Photo courtesy of NAIP

MINSK, 10 December (BelTA) – Top officials of the National Agency of Investment and Privatization (NAIP) met with partners from the Korea Trade-Investment Promotion Agency (KOTRA) at NAIP's premises on 10 December. A memorandum of cooperation was signed during the meeting, BelTA has learned.

In line with the document NAIP and KOTRA intend to assist each other with the organization of meetings and exchanges of delegations of business circles, with establishment of direct contacts between companies, which are registered and operate in Belarus and South Korea. NAIP and KOTRA will also help each other with organization and participation in international and specialized expos and fairs in Belarus and South Korea.

Director General of KOTRA's Minsk office Kim Dongmyo said that in addition to establishing trade relations and promoting Korean products onto foreign markets KOTRA also facilitates attracting investments to the Republic of Korea and helps the Korean business community to invest in foreign markets. “Unfortunately, many Korean companies are still ill-informed about Belarus and its investment environment. In the future we would like to get information about promising investment projects in your country in order to raise awareness of Korean companies about Belarus and expand opportunities for economic cooperation with the country,” the official said. Kim Dongmyo noted that Belarus has been working hard to establish cooperation with Asian countries for the last few years.

Kim Dongmyo said he hopes that the signing of the KOTRA-NAIP memorandum will begin a new stage in development of the bilateral relations and will contribute to further quality expansion and improvement of trade, investment, and economic cooperation between the Republic of Korea and the Republic of Belarus.

NAIP Director Dmitry Krasovsky said: “We would be glad to welcome a delegation of the private sector of the Republic of Korea in Belarus, which representatives would like to reach out to new markets and expand their business. In the future we could jointly organize such business missions for the sake of genuine exchange of live contacts.”

In his speech Dmitry Krasovsky noted that NAIP already has experience of successful interaction with Korean partners. “In March 2021 NAIP and KOTRA held an important event – a webinar for over 40 representatives of major Korean pharmaceutical companies. We are convinced that the signing of the cooperation memorandum will not simply continue our interaction but will take our cooperation to new heights,” he stated.

In his words, with assistance of independent consultants NAIP selects the most appealing Belarusian investment projects for foreign companies. “We would be grateful if KOTRA participates in their promotion and get the Korean private sector familiar with them,” he said.

NAIP and KOTRA intend to exchange next year's plans soon in order to schedule joint events.

The Korea Trade-Investment Promotion Agency (KOTRA) is a state-run not-for-profit organization established by the Korean government in 1962 in order to facilitate the development of business ties of the Republic of Korea all over the world. At present KOTRA has 127 offices in 84 countries. KOTRA's Minsk office was opened in 2014.

The National Agency of Investment and Privatization (NAIP) of Belarus is a state-owned institution focusing on assisting foreign entrepreneurs with implementing investment projects and doing business in Belarus. The organization has about 50 foreign partners and is a member of the World Association of Investment Promotion Agencies (WAIPA).

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