Attractive sector serves as new starting point
Republic of Korea showing interest in investing into Belarusian petrochemical complex
By Vladimir Matveev
The Ambassador Extraordinary and Plenipotentiary of Republic of Korea to Belarus, H.E. Mr. Kang Weon Sik, has told a press conference that Belarus boasts a high level of development in its petrochemical industry. According to the Ambassador, Korea is fully aware of Belarus’ high level of oil processing and production of petrochemical goods. “Taking into account that these products are in great demand in South Korea, Belarus’ expertise and knowledge may be useful,” the diplomat emphasised.
Korean companies are also interested in other spheres of Belarusian industry, including automobile production and machine building. “We’re already discussing and elaborating several projects,” the Ambassador explained. He declined giving the names of specific companies attracted to Belarus but noted that several are ‘among the most famous’ in his country.
“Negotiations are intensive so I think we’ll see results in a year or two,” the diplomat added. Kang Weon Sik notes that, after the collapse of the Soviet Union, the Republic of Korea experienced an economic boom, leading it to seek new sales markets and production locations. “Looking at Eastern Europe, Russia, Belarus and Ukraine, Belarus has among the lowest production costs in the region. Belarus is famous for its excellent education system and qualified personnel, while boasting well-developed logistics and transport infrastructure. These and other factors naturally attract Korean companies,” the diplomat asserts.