More and more Korean companies are showing interest in Belarus
B.elarus is about 7,000 kilometers from Korea. But the two countries have a lot in common, especially their competitive advantage in high-tech industry and research.
Andrei Popkov, Belarusian ambassador in Seoul, said that the two countries can form a win-win partnership because of their combined strength in technology-oriented companies.
“Scientific and technological development has become a dominant priority for Belarus. My country is motivated to follow the path of an innovative economy and information society, ”said Amb. Popkov said recently in an interview before July 3rd Day of the Republic of Belarus.
“These strategic directions of development and the growing interest of business circles in building strong relationships with Korean companies are critical to our intent to expand bilateral interactions in science, technology, IT, education and investment.”
The two countries have not yet achieved a preferred level of mutual cooperation, but a growing number of ICT companies in Korea are turning their sights on Belarus, the Ambassador said.
“A number of Korean companies, particularly in the ICT sector, have expressed their greatest interest in having a presence in Belarus. One of the most successful examples is SK Hynix,” he said.
In 2014, SK hynix, the world’s second largest manufacturer of memory chips, acquired the firmware division of Softeq development FLLC in Belarus to improve its flash memory chip skills.
Four years later, the company opened an R&D software center in the High-Tech Park in Minsk, the capital of Belarus. The Belarusian laboratory is the only SK hynix representative in Eastern Europe.
Amb. Popkov invited Korean companies to use Belarus as a gateway to the broad Eurasian market.
“Belarus can be an effective bridge between the EAEU and the European Union, which in the future will offer an additional synergy effect from the combination of the economic potential of the West and the East of Eurasia, ”he said.
“The successful implementation of Eurasian economic integration encourages foreign countries to cooperate with Belarus and the EAEU as a whole.”
The EAEU, short for the Eurasian Economic Union, is an economic union of countries in Europe and Central Asia, including Belarus, Russia and Kazakhstan.
The union has free trade agreements with countries such as Vietnam, Singapore and Serbia. Its members are examining ways of strengthening cooperation with the liberalized legal framework with more than 50 interested countries.