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Negotiations with the Korean Institute of Industrial Technologies

Negotiations with the Korean Institute of Industrial Technologies

On May 27, 2019 the headquarters of FBA EAC hosted the negotiations with the Korean Institute of Industrial Technologies (KITECH), South Korea.

One of the key issues on the agenda was a session at the next Moscow International Financial and Economic Forum: “EAEU and EU: search for new formats of cooperation”. The Korean partners suggested metal industry as a topic. The parties agreed to discuss other variants of the session as well with regards to the interests of the Korean and Russian cooperating companies.

As for the publications in the FBA EAC magazine “Herald” the parties decided to place a promotion article in the next issue about the Korean-Russian Innovation Center (KRIC) which is planned to be launched on June 21, 2019. The Korean partners invited the FBA EAC General Director O.Berezovoy to the opening ceremony in Korea and offered to sign a MOU between FBA EAC and KRIC.

Considering the establishment of the Committee on the development of the Center for advanced technologies transfer the parties agreed to continue talks about a possible participation of the Korean investors in the establishment of this Center.

The Director of KITECH Mr. TAEK SOO KIM reported that the Institute had created a data base of Korean companies interested in cooperation with Russia. With this regard, in the search for interesting joint projects they conducted a poll among business structures. In future this work will be continued.

 Besides Mr. TAEK SOO KIM said that on May 27, 2019 KITECH finally moved to Korea to a separate building and kindly welcomed the Representative office of FBA EAC in Korea at its premises.

 The negotiations also involved the representatives of the state fund for SME support TIPA (Korean Technology and Information Promotion Agency for SME) who spoke about their method of work and selection of projects for investment (about $1 billion). The projects are selected very carefully. 30 proposals to work with Russia have been already chosen. O. Berezovoy expressed willingness for cooperation in this area.


The Korean party was represented by the Director of KITECH TAEK SOO KIM, Doctor of science, professor and his colleagues form the Institute, the Head of office from TIPA Lee, Hoobae, Head researcher from TIPA Oh Changsuk, Head of FBA EAC Representative office in the Republic of Korea Kim Kyungjun.

 FBA EAC was represented by General Director Oleg Berezovoy and Head of Analytical Department Sofia Arkhipova.

The negotiations also included Member of the Board of Directors of “NC VostNII” JSC M.Shepovalov and Assistant Vice-President of FBA EAC V.Krasnikov.