OREANDA-NEWS. Belarusbank and Korean corporation Goodmorning Shinhan Securities will hold an international conference “Promising investment projects in Belarus” in Seoul on September 17-18, Belarusbank Vice Chairman of the Board Vladimir Novik told.

The forum will gather Korean banks as well as companies specialising in transport, power engineering, civil engineering, microelectronics, processing of municipal waste.

The event will be held as part of the agreements reached during the visit of Prime Minister of Belarus Sergei Sidorsky in November 2007.

As a financial institution, which operates on international markets and promotes cooperation with international financial corporations, Belarusbank is ready to provide a wide range of services to its clients, including attraction of capital for major investment projects, remarked Vladimir Novik. “As export boost and hence international presence boost are strategic goals of our country, the bank also aims to accomplish the goals. This is why the conference intends to attract attention of Belarusian and Korean partners, get them together and discuss specific ways of cooperation,” said the source.

In March 2008 representatives of Goodmorning Shinhan Securities visited Belarus and Belarusbank in particular. “The forthcoming conference is a response visit of our bank. We would like to travel to Seoul together with our clients, who have some advances in joint projects,” stressed the source.

The Belarusian side will be represented by enterprises of the Energy Ministry, Belneftekhim concern (including Grodno Azot, Grodno Khimvolokno), Bellegprom concern, Integral, Belarusian Shipping Company, trucking companies and food producers. “We would like other companies, which have interests in Korea, to join the conference. Because the purpose of the conference is to open new financial opportunities for joint cooperation. The South Korean corporation and other financial institutions of the country expect Belarusian producers to come up with interesting investment proposals,” remarked Vladimir Novik.

Over the last ten years Belarus and Korea have been stepping up the cooperation. In 2007 Belarus-Korea trade totalled US143.668 million, 66% up on 2006. “The figure is not large for trade with Korea,” believes the source. “Moreover our trade deficit is US100 million. This is why Belarusian export to Korea has to be increased”.

At present taking into account the consumption and price competition Belarus believes it would be profitable to supply potash fertilizers, carbon materials, laser and optic equipment, caprolactam, dry milk, cattle hides, electric components, composite metals. In Korea Belarus could buy information technologies, microelectronics components, components for electronic and electromechanical industry, liquid crystal panels, synthetic and artificial fibres, medical equipment and household appliances, computers. The bilateral cooperation may include purchases of Korean cars and trucks, railway cars and ships.

Apart from that, Korea is a major financial centre and can participate in financing Belarus’ projects. The country shows interest in such projects. The cooperation may also involve Korean building corporations, which are internationally renowned in erecting buildings and constructions especially complicated and high-rise ones. Belarus is also interested in Korean practices used to create water-powered energy generation installations. The country has advanced technologies for processing domestic waste. The implementation of such a project involving Korean investments is under discussion in Belarus already.

In recent years as far as commodity imports from Korea are concerned the share of science-intensive and high-tech imports has been on the rise. In 2007 export growth totalled 137.1% excluding potash. The largest exporters to Korea are Integral, Belarusian Potash Company, Polotsk Steklovolokno, Svetlogorsk Khimvolokno, Grodno Khimvolokno, Laser and Information Technologies, OOO Eton.

The list of Korean exports to Belarus includes around 200 commodities. Since 2006 direct sales of Korean cars are available in Belarus. Over the last two years additional measures have been taken to expand business and trade contacts between the two countries. Representatives of Korean exporters, including LG Electronics (household electronics and communications), IK Semicon (production and sales of microchips and semiconductors), Rinnai (household appliances), TM Korea (welding solutions involving bimetals), Hyundai Heavy Industries (ship building, purchases of metals and carbon materials), SK Corporations (petrochemistry and investments), LG International (electronic components, tubes, liquid crystal panels) and several others have visited Belarus.