Opening of the Korean-Russian Innovation Center

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of Euro-Asian Cooperation

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Opening of the Korean-Russian Innovation Center

According to the previous arrangements with the Korean Institute of Industrial Technologies (KITECH), South Korea regarding the development of contacts between small and medium enterprises on June 18-22, 2019 the Financial & Banking Association of Euro-Asian Cooperation delegated the Executive Director Oleg Ryazanov as its representative to the headquarters of KITECH in the city of Icheon.

The visit comprised business meetings and round tables on the future joint plans to create a support system for technological cooperation between Korea and Russia basing of the existing infrastructure and giving a new impulses with know-how technologies.

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The most fruitful talks were with KRIC and KITECH including the development of the Korean-Russian innovative platform for the nearest 3 years. The parties confirmed their aims to exchange technologies between the two countries, to overcome the barriers and to create the driving forces for SME growth. As a result the parties signed a Memorandum of long-term cooperation.

During the visit there were also business meetings with:

-       Kim Soin, Shindong Enercom & Holdings, discussing their plans in Russia and CIS (Coal industry and energy);

-       Lawfirm Cheongdam, 

-       Lee, Myung Soo, a Deputy of the National Assembly of South Korea;

-       Presidium of Russian-Korean Renésans Forum;

-       Other representatives of small and medium businesses of the Republic of Korea.


On June 22, 2019 FBA EAC Executive Director Oleg Ryazanov participated in the opening ceremony of the Korean-Russian Innovation Center (KRIC).

Its main goal is to create an innovative platform for cooperation of Korean and Russian companies. The KRIC representatives will select Korean enterprises interested in the Russian market, and at the second stage Russian partners will be selected for them thus developing the Korean-Russian cooperation base.

 The opening ceremony of KRIC involved:

- Ambassador Extraordinary and Plenipotentiary of the Russian Federation in the Republic of Korea Andrey Kulik;

-Deputy Minister of economic development of the Russian Federation Oxana Tarasenko;

- Deputy of the Democratic Party of Korea, Member of the National Assembly of the Republic of Korea Song, Younggil;

- Minister of Science and ICT You, Youngmin;

- Chairman of the Presidential Committee on Northern Economic Cooperation Kwon, Goohoon;

- Director of Ministry of SMEs and Startups Park, Young-sun;

- Director of Ministry of Trade, Industry and Energy Jeon, Eung-gil;

- Chairman of National Research Council of Science & Technology Wohn, Kwangyun;

- President of Korea Institute of Industrial Technology Yi, Sung-il;

- Mayor of Incheon Metropolitan City Park, Namchun;

- President of Incheon Technopark Seo, Byungjo;

- President of Korea Technology and information Promotion Agency for SMEs Choi, Chul-an.

 There were also extended talks with the participants of the opening ceremony of KRIC.


The Korean Institute of Industrial Technologies (KITECH) assists in commercialization and introduction of the advanced technologies in all sectors of industry. With these aims KITECH has founded three scientific and research centers, seven regional branched and more than 49 special offices in all regions of the country. KITECH interacts with more than 3800 companies of small and medium business. There are also successful foreign branches in the USA, China, Vietnam and Indonesia gathering useful experience of global cooperation.