ArmInfo.Yerevan is hosting the first Armenian-Korean economic cooperation forum intended to expand relations between Armenian and Korean business communities and encourage sectoral interaction.
The forum has been organized by the Korea Trade-Investment Promotion Agency (KOTRA) and Armenia's Ministry of Economy.
A Korean delegation headed by Mr Seong-Soo Kim (residence in Moscow) has arrived in Armenia. The delegation includes representatives of ten Korean companies that recorded great achievements in IT, renewable energy, medicine, digitization, processing, and food industries.
In 1992, when Armenia and South Korea established diplomatic relations, bilateral trade totaled $420,000, whereas in 2022 it totaled $63mln, with a 43% growth recorded over the last three years.
Mr Seong-Soo Kim expects the forum to afford ample opportunities for expansion of bilateral cooperation and enable Armenian and Korean businessmen to understand economic and investment opportunities in Korea and Armenia respectively. This venue will be used for expanding Armenian-Korean business ties, he said.
Armenia's Deputy Minister of Economy Arman Khojoyan pointed out a great potential for Armenian- Korean cooperation.
"I am sure this forum give an impetus to new business ties, exchange of experience and investments," he said.
During the event, the Armenian side presented the investment environment in the country, as well as programs developed by the Ministry of Economy to simplify investment in the Armenian market. After which meetings took place in B2B format.
According to the Ministry of Economy, 130 Armenian companies have registered to participate in the forum. According to the RA Statistics Committee, foreign trade turnover between the Republic of Armenia and the Republic of Korea in January-July 2023 increased 2.8 times, amounting to $111.1 million. At the same time, exports increased from $164.7 thousand to $16.7 million, with imports increasing 2.4 times to $94.4 million .