Belarus ready to learn from Korea's experience
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Belarus Vice Prime Minister Vladimir Semashiko speaks at the "Belarus Investment and Economic Forum" at the Korea Chamber of Commerce and Industry in Seoul on May 15. / Courtesy of Embassy of Belarus
By Rachel Lee
The Embassy of Belarus held an investment and economic forum to showcase the country’s prospects in fields including engineering and the automotive industry at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on May 15.
Belarus Vice Prime Minister Vladimir Semashiko headed the delegation that also included senior officials from the Ministry of Industry, Ministry of Finance, Ministry of International Affairs, National Agency of Investment and Privatization, the Industrial Park Development Company and the Hi-Tech Park Administration, the embassy said.
“Potash fertilizers, the biggest dump trucks in the world, ‘World of Tanks’ and ‘Viber’ _ there are many fields where you can come across well-known brands and names from Belarus,” Semashiko said.
He said the country had many competitive advantages, including its people, geography, well-developed infrastructure, low taxes, the European legal system and political stability.
“Belarus is a geographical center of Europe and grants access to the huge market of the Eurasian Economic Union of Belarus, Russia, Kazakhstan, Armenia and Kyrgyzstan,” Semashiko said. “This means a market of 180 million people, free movement of goods, services, capital and workforce.”
Belarus also boasts a powerful and reliable energy system, a high density of modern highways and railways and corporate income tax of 18 percent, he said.
“Belarus has also introduced reduced taxes for high-tech companies and regional businesses,” Semashiko said.
He also mentioned the country’s efforts to create “comfortable” conditions for foreign investors and implement reforms according to the recommendations of international organizations.
The vice prime minister said his country is ready to work and learn from Korea while maintaining constructive cooperation.
“The highly important priority for Belarus is the development of lasting innovative cooperation with the Republic of Korea,” he said.
During the event, the Korean participants discussed cooperation in engineering, the automotive industry, finance, construction, the chemical industry, pharmaceuticals, ICT, automation and robotics. They also were told about investment opportunities in Belarus and the benefits of doing business with Belarusian partners.
The KCCI co-hosted the event with the National Agency of Investment and Privatization and Belarus’ Ministry of Economy and Ministry of Foreign Affairs.