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New Wave of Georgian-Korean Relations Blows into Economy

Published: April 26, 2012 | 10:59 am
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Georgian-Korean business forum, organized by Georgian Chamber of Commerce and Industry (GCCI) and Georgian National Investment Agency (GNIA), is said to be the start of the new wave of Korean-Georgian relations. After 20 years of diplomatic relations South Korea is willing to invest in Georgia’s economy. According to Vera Kobalia, the Minister of Economy and Sustainable Development of Georgia, Korean businessmen are mainly interested in Georgia’s energy sector.

“It’s already 20 years that Georgia and Korea are in diplomatic relations and it’s the first time that we see the beginning of economic relations between the countries,” declared the Minister of economy of Georgia during the Georgian-Korean business forum held on April 26, 2012 at Courtyard by Marriott hotel. Over 100 representatives from Georgian and Korean private sector representatives attended the event.

According to Kobalia, the beginning of the Georgian-Korean economic relations was inspired since the recent visit of the President of Georgia Mikheil Saakashvili to South Korea. “Georgia’s energy sector is the main target of Korean investors,” she added.

As Didmitri Gvindadze, the Minister of Finance of Georgia stated, South Korea’s economic development could be a good example for Georgia. “Today when we speak about economic wonders of the contemporary world South Korea is one of the top examples. It’s a country that has developed into Asia’s economic hub during the last few years. Due to its economic strength, South Korea has its own global trade and investment strategy. It’s important that Georgia becomes the part of this strategy,” said Gvindadze.

“South Koran businessmen showed a big interest in Georgia’s economy, especially in energy and construction sectors. Currently several large Korean companies operate in Georgia. Korean company Kepco is engaged in Georgia’s energy sector, Korean Hyundai also runs a rather successful business in our country,” said Kakha Baindurashvili, the President of GCCI.

“It’s first time that KCCI organizes a business delegation visit in Georgia. I think there’s a big potential to develop business relations between the two countries. Mostly we’re I interested in energy and construction sectors,” Lee Kang Min, representative of Korea Chamber of Commerce and Industry (KCCI), told The COMMERCIAL TIMES. “Georgia today is a logistic hub in the region and why don’t Korean companies visit this country and identify their potential here,” he said.



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