AN OFFICIAL VISIT TO THE REPUBLIC OF KOREA, AND A WORKING VISIT TO KRASNOYARSK KRAI AND IRKUTSK OBLAST OF THE RUSSIAN FEDERATION

Servicing center for Belarusian machinery to be set up in Krasnoyarsk Krai

A servicing center for Belarusian machinery will be set up in the Krasnoyarsk Krai of the Russian Federation, Belarusian Prime Minister Sergei Sidorsky noted when summing up the results of his meeting with Governor of the Krasnoyarsk Krai Alexander Khloponin.

According to Sergei Sidorsky, as the industry and agriculture has been actively developing in the region so there is a need of Belarusian machinery.

“We have discussed cooperation, - the Prime Minister highlighted. – We have considered the possibilities to use Belarusian production capacities in the Krasnoyarsk Krai.”

As for the cooperation in supplies of agricultural machinery to the Krasnoyarsk Krai, the Belarusian Premier noted that the sides discussed an issue related to transfer Belarusian technologies to the Russian region and also setting up joint productions there. Belarus produces combine harvesters which can work on Siberian fields. Moreover, during the meeting, the sides discussed an opportunity to produce road equipment.

In turn, Governor of the Krasnoyarsk Krai noted that in terms of quality Belarusian machinery is much better than some foreign analogues.

The two sides agreed to hold the Days of Belarusian Economy in the Krasnoyarsk Krai in 2008.

In line with the results of the meeting, the protocol on the basic trends of the cooperation between Belarus and the Krasnoyarsk Krai of the Russian Federation for 2008-2010 was signed. The sides intend to develop the cooperation in industry, construction, municipal housing economy, science and in the sphere of supplies of consumer goods including food products, furniture, light industry’s products.

The Krasnoyarsk Krai is a part of the Siberian Federal Area of the Russian Federation. It ranks 39th among the Russian regions on Belarus’ trade partners main list.

In January-August 2007, the trade turnover between Belarus and the Krasnoyarsk Krai totaled $52.4 million, or 51.1% up on the same period last year. The export of the Belarusian goods upped by 55.3% to make up $38.3 million, the imports increased by 41% to reach $14.1 million. Belarus posted a surplus in trade with that region of the Russian Federation to the tune of $24.1 million, up 1.65 times as against January-August 2006.

In January-August, Belarus mainly exported compounds which contain nitrile group (18.3% of the total export), trucks (14.7%), tires and scrap tires (11.3%), tractors (10.2%), buses (4.1%), agricultural machinery (3.2%), dairy products (2.3%), trailers (2%), furniture, wallpapers to the Krasnoyarsk Krai.

The main export articles of the Krasnoyarsk Krai to Belarus are products of ferrous and non-ferrous metallurgy and timber. In January-August 2007, Belarus purchased aluminum wire (21.7% of the total import), copper wire (16.1%), timber (6.2%), electrical devices (6.1%), refrigerators and freezers (4.3%), turpentine (3.9%), synthetic rubber (3%), machinery to produce cellulosic materials (2.6%) in the Krasnoyarsk Krai.

Belarus’ PM and President of Korea discuss trade-economic cooperation

Prime Minister of Belarus Sergei Sidorsky and President of the Republic of Korea Roh Moo-hyun have met to discuss development of the trade-economic cooperation between the two countries.

During an official visit the Belarusian Prime Minister held talks with the leadership of the Korea Trade-Investment Promotion Agency (KOTRA). Sergei Sidorsky is expected to meet with Prime Minister of Korea Han Duck-soo.

In 2006 the trade between the Republic of Belarus and the Republic of Korea amounted to $87 million, with export as large as $9.7 million, import — $77.3 million.

In January-August 2007 the trade reached $90.6 million, up 95.2% over the same period last year. Export ramped up 2.4 times to beat $13.4 million, import upped 88.5% to total $77.2 million. Trade surplus made up $63.8 million.

KOTRA: Belarus, Korea to use untapped potential to develop trade-economic relations

Belarus and Korea have a big untapped potential in developing trade-economic relations, President of the Korea Trade-Investment Promotion Agency (KOTRA) Hong Ki-Hwa stated November 5.

According to him, a visit of the Belarusian delegation to Korea headed by Prime Minister of Belarus Sergei Sidorsky will become a big step in developing relations between the two countries in different areas. The KOTRA President considers meetings between Korean entrepreneurs and Belarusian business circles as the first step of such cooperation.

Mr. Hong Ki-Hwa has assured that representatives of the Korean business are ready to discuss with the Belarusian businessmen all proposals on the trade-economic cooperation and elaborate joint projects.

Prime Minister of Belarus Sergei Sidorsky underlined that Belarus and Korea have similar foreign diplomatic course and priorities in economic development. The visit of the Belarusian delegation to Korea will help provide Korean companies with full and accurate information about the economic potential of Belarus and promote trade-economic cooperation between the two countries.

Since its foundation in 1962, the Korea Trade-Investment Promotion Agency has been a key element of the state system in developing foreign trade, attracting and distributing investment of the Republic of Korea. KOTRA includes 101 official trade centers of Korea in 73 countries.

Belarus and Korea may carry out several mutually beneficial projects, Sergei Sidorsky says

Belarus and Korea may implement several mutually beneficial projects, Prime Minister of Belarus Sergei Sidorsky told in an interview with Korean TV channel Arirang.

In particular, the Belarusian party is interested in conducting negotiations with Korea-based Hyundai to set up a joint venture to assemble average power trucks.

Belarus also sees cooperation in radio electronics as promising. For instance, great attention will be paid to the interaction with such Korean companies as LG.Philips LCD and others.

According to Sergei Sidorsky, the two countries have good prerequisites for launching production of containers. He noted that the demand for containers had been constantly growing at the global market. Thus, over 7,000 Belarusian containers are now used for transportation at the European market.

Besides, Belarus is interested in Korean investments in reconstruction of Belarusian major chemical manufactures.

The two parties consider launching a joint venture to produce medical equipment at Belarus-based Vityaz.

Founded in 1947 as a car repair shop, Hyundai is now one of Korea’s largest group of companies involved in shipbuilding (Hyundai Heavy Industries), chemical production (Hyundai Chemical Industries), car and spare parts manufacture (Hyundai-Kia Automotive Group, including Hyundai Motor Company and Hyundai Mobis), lift production (Hyundai Elevator), international forwarding services (Hyundai Logistics and Hyundai Merchant Marine). In 2006, the total net profits of Hyundai Group were estimated at over $7 billion.

Belarus, Korea Premiers meet in Seoul

Seoul is playing host to a meeting between Prime Minister of Belarus Sergei Sidorsky and Korean Premier Han Duck-soo.

Sergei Sidorsky noted that “the level of the trade-economic relations between Belarus and Korea merits high attention”. However, there is still a great untapped potential in the interaction between the two countries.

In 2006 the trade between the Republic of Belarus and the Republic of Korea amounted to $87 million, with export as large as $9.7 million, import — $77.3 million.

In January-August 2007 the trade reached $90.6 million, up 95.2% over the same period last year. Export ramped up 2.4 times to beat $13.4 million, import upped 88.5% to total $77.2 million. Trade surplus made up $63.8 million.

Trade-economic relations between Belarus and South Korea to be developing at new level

The trade-economic relations between Belarus and South Korea will be developing at a qualitatively new level, Prime Minister of the Republic of Korea Han Duck-soo told reporters when commenting on the results of negotiations with Belarusian Prime Minister Sergei Sidorsky on November 5.

In his words, opening of the South Korean embassy in Belarus at the end of 2007 and a KOTRA representative office in Minsk will promote the Belarusian-Korean cooperation.

Han Duck-soo noted that the first visit of the Prime Minister of Belarus to South Korea was of great importance for boosting the bilateral cooperation and stressed that the negotiations were constructive.

The Prime Minister of South Korea affirmed that the two parties intended to cooperate in mechanical engineering, radio electronics and power engineering. In addition, South Korea intends to support Belarus in accessing to the World Trade Organization.

Trade-economic relations between Belarus and South Korea to be developing at new level /extended/

The trade-economic relations between Belarus and South Korea will be developing at a qualitatively new level, Prime Minister of the Republic of Korea Han Duck-soo told reporters when commenting on the results of negotiations with Belarusian Prime Minister Sergei Sidorsky on November 5.

In his words, opening of the South Korean embassy in Belarus at the end of 2007 and a KOTRA representative office in Minsk will promote the Belarusian-Korean cooperation.

Han Duck-soo noted that the first visit of the Prime Minister of Belarus to South Korea was of great importance for boosting the bilateral cooperation and stressed that the negotiations were constructive.

The Prime Minister of South Korea affirmed that the two parties intended to cooperate in mechanical engineering, radio electronics and power engineering. In addition, South Korea intends to support Belarus in accessing to the World Trade Organization.

Korea Trade-Investment Promotion Agency was founded in 1962 as a key element of the state system in fostering foreign trade, attracting and distributing investment of the Republic of Korea. KOTRA includes 101 official trade centers in 73 countries worldwide.

In January-August 2007, the trade turnover reached $90.6 million, up 95.2% over the same period last year. Export ramped up 2.4 times to beat $13.4 million, import upped 88.5% to total $77.2 million. Trade surplus made up $63.8 million.

Hyundai may start production of cars in Belarus

Hyundai carmaker may start production of cars in Belarus. “On November 5-6 representatives of Belarus and Korea business will negotiate this issue,” Belarusian Prime Minister Sergei Sidorsky told reporters.

Sergei Sidorsky underlined that this year the two countries mark the 15th anniversary since the diplomatic relations between the two countries were established. According to the Belarusian Premier, the two sides have developed the legal basis for high-level cooperation.

In January-August 2007, the trade between the two countries reached $90.6 million, 95.2% up over the same period last year. Belarusian export increased 2.4 times to total $13.4 million.

The Premier noted that Belarus and Korea have a big cooperation potential. In his opinion, the economies of Belarus and Korea are supplementary: not possessing sufficient reserves of natural and energy resources, Belarus and Korea have been building up high-tech economies, the Belarusian PM said. Sergei Sidorsky cited the supplies of Integral semi-conductors to Korea as an example of sci-tech cooperation.

Korea to partake in reconstruction of Belarus petrochemical manufactures

Korean companies are to take part in the projects on reconstructing petrochemical manufactures of Belarus, Belarusian Prime Minister Sergei Sidorsky told reporters on November 5.

“Belarus has held talks with several Korean companies that intend to participate in the reconstruction of the petrochemical production and, in particular, in the paraxylene production project,” the Premier says.

The cost of the project amounts to $126 million.

Besides, Korean companies are ready to participate in the cord thread production in Belarus. The two sides show interest in mutual railway communications, i.e. transport routes between the Asian-Pacific region and Europe via Belarus.

Joint production of freight cars and containers is also under the consideration.

According to Sergei Sidorsky, the two countries have a considerable potential in mutual cooperation in electric household appliances and medical equipment production.

The Prime Minister underlines that Belarus invites Korean businessmen to work in the Free Economic Zones and the High-Tech Park.

Belarus, Korea sign agreement on air communication

Belarus and Korea signed an intergovernmental agreement on air communication between the two states and outside their borders. The document was signed in Seoul after a meeting between the Prime Ministers of the two countries, Sergei Sidorsky and Han Duck-soo.

The sides signed intergovernmental agreements on cooperation in culture and on mutual visa-free trips of the holders of diplomatic and service passports and a memorandum of understanding between the State Customs Committee of Belarus and customs service of the Republic of Korea regarding informatization and computerization and a memorandum of understanding on cooperation in standardization.

Belarus’ PM meets with Hyundai leadership

Prime Minister of Belarus Sergei Sidorsky has met with Hyundai-Kia Automotive Group Chairman Chung Mong-Koo.

During the meeting, the Belarusian Premier noted that the country has been actively developing motor-car and tractor construction. “Our companies hold regular talks with the world’s leading companies,” Sergei Sidorsky underlined. Belarus is well-known as a heavy hauler producer. “We are proud of the fact that Belarus accounts for 30% of the world rock hauler market. The production of trailers is one of our successful projects,” Sergei Sidorsky said.

The Prime Minister informed that Belarus annually produces about 60 thousand tractors of almost 50 modifications. “The country negotiates with foreign manufacturers in order to ensure the presence of other companies in the Belarusian automobile market. Belarus has an increasing market of cars. The country annually imports cars worth of $1.5 billion,” Sergei Sidorsky said. He noted that Belarus and Russia have common economic space what allows duty-free products at the neighbouring market.

Hyundai Group started working in 1947. Today Hyundai Group is engaged in shipbuilding (Hyundai Heavy Industries), chemical industry (Hyundai Chemical Industries), cars and spare parts production (Hyundai-Kia Automotive Group including Hyundai Motor Company and Hyundai Mobis), elevator construction (Hyundai Elevator), financial and banking services (Hyundai Capital and Hyundai Сard), international hauls (Hyundai Logistics), large-capacity vessel hauls (Hyundai Merchant Marine). The aggregate net profit of the Group made up over $7 billion in 2006.

Hyundai-Kia Automotive Group is the world’s fifth largest car company and has an up-to-date and the most powerful (up to 1.6 million cars a year) automobile plant located in Ulsan, South Korea.

Korean Good Morning Shinhan Securities to visit Belarus

Representatives of the Korean financial company Good Morning Shinhan Securities are going to visit Belarus next week. They are expected to study several projects with the participation of Belarusian companies, the president of the company stated at a meeting with the Prime Minister of Belarus.

The president of the Korean financial company considers that the Belarusian market is promising and profitable enough. He showed interest in boosting cooperation with Belarus. The Korean financial company needs additional information about Belarus. In this respect a working group of the company is set to visit the country.

LG Group ready to consider investing in Belarus

LG Group is ready to consider the issues relating to possible investing in Belarus, Nam Yong, Vice Chairman and CEO of LG Electronics, stated at a meeting with Prime Minister of Belarus Sergei Sidorsky.

On November 6, Sergei Sidorsky visited LG.Philips LCD Plant to get familiar with the LCD panel production.

The Belarusian Premier noted that “he had a good impression of the plant in terms of the latest technologies applied at the company and architectural solutions”. Sergei Sidorsky noted that Belarus’ Integral is a company with the same level of technological development. The company has been delivering semi-conductors to Korea for nearly 12 years. On November 5, the two sides signed a $10-million contract to supply semi-conductors to Korea.

According to the Prime Minister, the goal of the meeting with LG Group representatives was to study new technologies of LCD panel production in order to apply them in Belarus. On the whole, Sergei Sidorsky said he was satisfied with the cooperation level between LG and Integral. He noted that the Government took a decision to construct a LED making plant in Belarus. “Belarus is looking for a partner and is ready to demonstrate all the opportunities of the domestic companies specializing in this field,” the Premier underlined.

Korea would like Belarus to support its candidature as host of 2012 World Expo

Korea has asked Belarus to support its bid to host the 2012 International Exhibition, Speaker of the National Assembly of Korea Lim Chae-jung said during a meeting with Prime Minister of Belarus Sergei Sidorsky.

The Speaker praised the level of Belarus’ economic development. In his opinion, a boost to the bilateral relations will be given by the forthcoming opening of an embassy of Korea in Minsk and the first visit of the Belarusian Prime Minister to Korea on November 5-6.

Sergei Sidorsky noted that Belarus and Korea have similar approaches to the economic policy which priority is the development of exports.

The sides discussed the development of inter-parliamentary relations between Belarus and Korea.

Belarusian Prime Minister arrives in Irkutsk

Belarusian Prime Minister Sergei Sidorsky has arrived in Irkutsk of the Russian Federation. This is the first working visit of the Belarusian Premier to this region of Russia. On November 7, Sergei Sidorsky will meet with Governor of the Irkutsk oblast Alexander Tishanin to discuss the issues related to boosting the trade-economic cooperation between Belarus and the Irkutsk oblast. The sides will also discuss the production cooperation, participation of Belarusian organizations in the federal and regional programs which are implemented in the Irkutsk oblast.

A team of Belarusian businessmen will visit the Irkutsk oblast as well. Representatives of Amkodor, BelAZ, Gomselmash, the Minsk Tractor Works, the Lida-based Dairy Canning Factory will discuss cooperation with their Russian counterparts.

In January-August 2007, the trade turnover between Belarus and the Irkutsk oblast made up $38.3 million, or 68.7% up on the same period last year. The Belarusian exports upped by 97.1% to make up $21.8 million, the imports reached $16.5 million (41.1% up).

Belarus mainly exports trucks, tires, tractors, agricultural machinery, refrigerators, furniture and foodstuffs to the Irkutsk oblast.

In 2007, Belarus imported aluminum wire, paper pulp, timber, fluorite, cowhides from the Irkutsk oblast.

Irkutsk oblast interested in purchasing forestry equipment

Irkutsk oblast of Russia is interested in purchasing forestry equipment, Governor of Irkutsk oblast Alexander Tishanin told at a meeting with Prime Minister of Belarus Sergei Sidorsky on November 7.

Sergei Sidorsky noted that Belarus has developed the production a wide range of forestry and logging equipment that is exported to many Russian regions.

In turn, the Governor of Irkutsk oblast underlined that Belarusian experience in forestry equipment production would help increase profitability of the region in the field.

Belarus offered Irkutsk oblast to augment the supplies of equipment for the timber industry by developing production cooperation and creating service and maintenance centers.

Irkutsk oblast has unique forest resources. Forests account for 82% of its territory.

Belarus to double sales of machine-building products to Irkutsk oblast in 2008

Belarus is likely to double the sales of machine-building products to Irkutsk oblast in 2008, Deputy Industry Minister of Belarus Gennady Svidersky stated at a meeting of Prime Minister of Belarus Sergei Sidorsky and Governor of Irkutsk oblast Alexander Tishanin with businessmen of the two sides on November 7.

In particular, in 2008 Belarusian Amkodor plans to sell road-building equipment worth of $2 million, two times up over the sales in 2007. The supplies of MTZ tractors to Irkutsk oblast will almost double as well. Belarusian companies have signed contracts on the supplies of $5.6 million worth of agricultural equipment to Irkutsk oblast. Besides, Belarus is expected to increase the export of forestry equipment to the Russian oblast.

In January-September 2007 BelAZ exported its products worth of $7.4 million to the Russian region. In the future the Belarusian company intends to augment the export and set up its sales and maintenance centers there.

On November 7 Prime Minister of Belarus Sergei Sidorsky finished his two-day working visit to Irkutsk oblast. Earlier, businessmen of Belarus and the Russian region had held several meetings to consider issues relating to increasing the supplies of agricultural products, pedigree cattle and seeds of the Belarusian selection to Irkutsk oblast. Belarus also plans to export dairy and meat products to the oblast. The two sides have signed corresponding agreements.

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