Belarus Welcomes Korean Investors Interested in Blockchain, AI

Belarus is encouraging South Korean investors who are interested in blockchain, AI, and other innovative technology, an official said.

Belarusian deputy foreign minister Andrei Dapkiunas revealed during a Tuesday visit to Seoul, the capital of South Korea, that his country was open to Korean investors focused on blockchain, artificial intelligence (AI) and other innovative technologies. Dapkiunas led the Belarusian delegation for the fifth ROK-Belarus Joint Committee on Economy, Science and Technology. The committee meets every two or three years in either Belarus or South Korea.

Dapkiunas told Korea JoongAng Daily:

“We have made groundbreaking state legislation regarding the IT sector. We are the partner in Eastern Europe making innovative strides on blockchain, cryptocurrency, start-up development and software production.”

“We have a high-tech park in Belarus, the biggest IT hub in the country. Korea’s SK Hynix has a presence there, and we opened up the Belarus-Korea IT Cooperation Center in Minsk last year,” he added.

Dapkiunas claimed that the two countries had held two meetings last year, which involved the Joint Committee and the Belarus-Korea e-Government Cooperation Forum.

The Belarusian deputy foreign minister said that despite the mutual interest, he felt there was much unrealized potential. He explained that the two countries might successfully cooperate in fields such as AI, aerospace, biotechnologies, driverless cars, robotics, nanotechnology, and the digital economy.

Diplomatic connections between the two countries were established back in 1992, shortly after Belarus gained its independence from the Soviet Union. Belarus set up an embassy in South Korea in 1997, and the Korean Embassy in Minsk was established ten years later.

The Joint Committee is an important organization that contributes to the economic relationships between the two countries. According to the Korean Ministry of Foreign Affairs, exports to Belarus include electronics, cars, and equipment for constructions, computers, and telecommunications. On the other side, Belarus exports to South Korea potash fertilizers, semiconductors, optical instruments, and lasers.

Both Belarus and South Korea point to the disruptive potential of distributed ledger technology (DLT). Last year, an executive at the Belarusian National Bank stated that the central bank was ready to apply DLT in collaboration with the Justice Ministry and Notary Chamber.