Korean small- and medium-size enterprises are exploring new opportunities in the Belarusian market, opening branches, bringing in new technologies and talents, and creating a strong research base, the Belarusian Embassy in Seoul said in a press statement Thursday.

Marking the 30th anniversary of diplomatic relations between Belarus and Korea, the embassy said Korea was among the first states which recognized an independent Belarus. Since then, Minsk and Seoul have both contributed to the development of economic and innovation cooperation, interaction in science and ICT, people-to-people contacts, among many other sectors.

Belarus’ membership of the Eurasian Economic Union (EAEU) and the Commonwealth of Independent States, close ties with Russia and China, friendly relations with Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, Azerbaijan and other Eurasian countries can help Korea tap into the EAEU market, the embassy said.

EAEU is an economic union with member states from post-soviet states located in Eastern Europe, western Asia and central Asia.

“Nowadays, Belarus is one of the partner countries of the South Korean New Northern Policy and seeks for further deepening and strengthening of contacts in different areas of mutual interest,” read the statement.

Governmental agencies, institutions and business entities of Belarus and Korea have implemented many bilateral projects and joint research activities of socioeconomic, science and technology potential, it added.

Belarus’ participation in knowledge sharing programs provided additional benefits to study Korean best practices and experience, and helped the continued digital transformation of the Belarusian economy in Fourth Industrial Revolution, the statement said.

The embassy applauded new initiatives of South Korean partners in the areas of green economy, biotechnologies, smart cities, e-government, ICT, infrastructure development, achieving carbon neutrality and urged more Korean companies to invest in Belarus considering its lower energy prices and wages.