OREANDA-NEWS. October 15, 2008. The implementation of the Belarusian-Korean agreements has been very slow, First Deputy Prime Minister of Belarus Vladimir Semashko said at a meeting with Deputy Trade Minister of the Republic of Korea Ahn Ho-Young, reported the Official website www.government.by.

“We are not satisfied with the course of implementation of joint projects. We have hoped for a much bigger volume of trade and economic cooperation considering the great industrial and sci-tech potential of Belarus and Korea,” Vladimir Semashko said.

The visit of Prime Minister of Belarus Sergei Sidorsky to Seoul in 2007 gave a certain impetus to the trade and economic relations. The implementation of the agreements is under close control of the government.

Vladimir Semashko said there are nearly 20 cooperation areas. The two sides can choose the most promising and start working on them.

On October 15, Minsk hosted the second session of the joint committee of the Republic of Belarus and the Republic of Korea. According to Vladimir Semashko, such meetings “considerably promote mutual trade”.

According to the Foreign Ministry, Belarus-Korea trade totaled US 143.7 million in 2007, and \\\\$133.1 million - in January-August 2008. Over the last three or five years Belarus’ major exports to Korea have been integrated circuits, semiconductors, potash chloride, polyamide, artificial threads, fibreglass, carbon fibre, optic and measuring instruments, laser equipment, metal products, bearings, medical equipment.

The Belarusian largest exporters to the Korean market include Integral, Belaruskalii, Polotsk-Steklovolokno, Svetlogorsk Khimvolokno, Grodno-Khimvolokno, Laser and Information Technologies, Eton.

Korea exports to Belarus high-technology products (cars, spare parts for the electronic and electro-mechanic industries including electric tubes and LCD panels, raw material for the chemical and light industries, synthetic and artificial fabric, X-ray and medical equipment, household appliances, computer and telecommunication equipment and spare parts).

Belarus has two companies with Korea’s 100%-capital, offices of LG Electronics and Samsung Electronics (electronics and household appliances), TM-Korea (bimetals and products from them), Delta Medical Corp. (steamers and other medical equipment).

At present Belarus jointly with South Korea’s partners has been organizing the production of LCD panels (LG Display), household appliances and telecommunication equipment (LG Electronics), medical equipment (Delta Medical Corp.), commercial trucks and motor spare parts (Hyundai-Kia Automotive Group).

The two sides have been also developing credit and financial cooperation. The Korean Eximbank upgraded Belarus’ credit rating after it assessed the Belarusian economy and its financial sector.
A relevant protocol was signed after the session of the joint committee of the Republic of Belarus and the Republic of Korea.