Armenian-Korean trade turnover up 43% in last three years - KOTRA CEO

YEREVAN, September 14. /ARKA/. The trade turnover between Armenia and South Korea has soared by 43% over the last three years, the CEO of Korean Trade and Investment Promotion Agency (KOTRA) Song Soo Kim said on the margins of the Armenian-Korean Economic Integration forum in Yerevan.

"The Armenian-Korean trade turnover in 2022 grew to $63 million, while at the beginning of the establishment of diplomatic relations between Armenia and Korea in 1992, this figure was only $420 thousand," he said.

In his welcoming speech, Armenian Deputy Minister of Economy Arman Khojoyan singled out the high potential of Armenian-Korean economic relations and the rapid development of the technological sector in both countries.

He added that the main goal of the event is to stimulate economic cooperation between Armenia and Korea.

"Korean companies that have made tangible progress in a number of key technological areas, such as renewable energy, processing industry, food, alcohol, medicine and digitalization are participating in the forum," he noted.

Nare Haroyan, advisor to the Deputy Minister of Economy, told reporters that the forum is being held for the first time with 10 companies from Armenia and Korea taking part in it.

Korean companies will be introduced to Armenia’s investment environment and special meetings will be held to establish cooperation between the companies of the two countries in such areas as renewable energy, trade, IT and others.

According to the Armenian National Statistical Committee, the trade turnover between Armenia and the Republic of Korea increased 2.8 times in January-July 2023, reaching about $111.2 million.

KOTRA is a non-profit organization established by the Korean government in 1962 to promote trade between Korea and other countries. For more than 50 years, KOTRA has been helping interested companies from around the world to develop business relationships with the Republic of Korea. -0-