Belarus Encourages Korean Investors Interested In Blockchain

Blockchain, News | September 7, 2018 By:

Andrei Dapkiunas, the deputy foreign minister of Belarus, recently said that his country is open to South Korean investors interested in blockchain, artificial intelligence (AI) and other “fourth industrial revolution” technologies.

During a visit to Seoul, South Korea to promote bilateral relations, Dapkiunas said that Belarus has developed “groundbreaking state legislation” in the IT sector, and that the country is “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,” Dapkiunas said. “Korea’s SK Hynix has a presence there, and we opened up the Belarus-Korea IT Cooperation Center in Minsk last year.”

Dapkiunas added that Belarus and the South Korean government held two conferences last year, which involved the second Joint Belarus-Korea Committee on Science and Technology in Seoul and the Belarus-Korea E-Government Cooperation Forum in Minsk. He said that despite having a well-established business relations, “there is so much more potential for reciprocal interest between Belarus and Korea.”

“We believe that there is a significant potential for mutually beneficial cooperation in such fields as aerospace, artificial intelligence, biotechnologies, electric and self-driving vehicles, robotics and electronics, nanomaterials and digital economy,” he said.

Diplomatic ties between the two countries date back to 1992. Belarus first established an embassy in Seoul in 1997, and the Korean Embassy in Minsk opened in 2007. The two countries both believe in the disruptive potential of blockchain technology.

In December 2017, Belarus President Aleksandr Lukashenko signed a decree which creates a legal framework for cryptocurrencies, initial coin offerings (ICO), and smart contracts in Belarus. In May, Sergey Popkov, the Minister of Telecommunications and Informatization, said that digital technology is considered as a top priority due to its ability to transform “the economy, public administration and social services.”

Last month, the South Korean government said that it will be spending a total of 5 trillion won ($4.4B USD) to nurture eight critical sectors of the domestic economy, including blockchain.