Vitebsk Oblast boats a considerable economic potential, Ambassador Extraordinary and Plenipotentiary of South Korea to Belarus Kang Weon Sik said as he met with Vitebsk Oblast Governor Alexander Kosinets on 15 September, BelTA has learnt.

According to the ambassador, Vitebsk Oblast has a well-developed manufacturing industry and other industries. The advantageous geographic position of the region opens great prospects, too. “Vitebsk plays an important role in logistics and transport. In the future the importance of the region will grow,” Kang Weon Sik underlined. The diplomat praised the rich cultural heritage of the city. “Vitebsk is the birthplace of Marc Chagall, a world famous painter held in great esteem by Koreans. This makes the city a popular tourist destination,” he noted.

Due to its vast economic potential, Vitebsk Oblast is of great interest for the Republic of Korea, Kang Weon Sik stated. He pledged to do his utmost to promote the region among the business community of his country.

During his two-day visit to Vitebsk Oblast, the Korean diplomat will tour the free economic zone Vitebsk and the city’s places of interest, including the Marc Chagall Museum. Besides, Alexander Kosinets invited the Korean ambassador to take part in the International Investment and Innovation Forum that will be held in Vitebsk in October and the International Festival of Arts Slavonic Bazaar in Vitebsk. “We are ready to provide the most complete information about Vitebsk Oblast and are open for cooperation across the entire economic spectrum,” Alexander Kosinets underlined.

In January-July 2011, the trade between Vitebsk Oblast and the Republic of Korea totaled $3.9 million, or 222.4% as against the same period a year before. Since 2006 the foreign trade has soared 1.5 times. Belarus has had the trade deficit over these years. Belarus’ major export is fiberglass. Our country also ships optical devices and fiberboard to South Korea. The major imports include polyisobutylene, transistors, petrolatum, component parts to sewing equipment, synthetic and cotton textiles for making clothes, and fittings. There are no companies with Korean capital in Vitebsk Oblast.