InnoBiz Association Holds Online Technology Exchange Meeting with Armenia and Belarus

[Asia Economy Reporter Donghyun Choi] The Innobiz Association announced on the 21st that it held the ‘2022 1st Korea-Armenia, Belarus Non-Face-to-Face Technology Exchange Consultation’ over two days from the 20th to 21st of this month at the Grand Hyatt in Yongsan-gu, Seoul.

Since 2014, the association has been promoting the 'Convergence Technology Exchange Promotion Project,' which pioneers overseas markets by leveraging excellent innovative technologies possessed by Innobiz companies. To date, over 800 domestic technology innovation companies have actively engaged in exchange activities with overseas companies in countries such as Vietnam and Indonesia through technology mediation.

This consultation focused on topics such as technology licensing, export of parts and equipment, and joint venture establishment with Armenia and Belarus. In particular, as this year marks the 30th anniversary of diplomatic relations with both countries, it also provided an opportunity to strengthen friendly cooperative relations.

Armenia, a small country with a population of about 3 million, has achieved continuous growth and development, with a per capita Gross Domestic Product (GDP) reaching $4,604. It is preparing diversification for industrial development to move away from dependence on the Eurasian Economic Union (EAEU) growth. Since declaring its Digital Agenda in 2017, it has focused on strengthening technologies in IT fields such as digital services and data management.

Belarus, unlike other countries, has achieved rapid development even after the dissolution of the Soviet Union. It possesses abundant high-level personnel engaged in the IT industry and has achieved rapid growth centered on comparative advantage industries such as ICT and machinery industries. According to the National Manufacturing Competitiveness Index (2020) published annually by the United Nations Industrial Development Organization (UNIDO), Belarus ranks 47th, the second highest among CIS countries after Russia (32nd), indicating its rich potential.

The consultation was attended by 10 promising domestic excellent companies aiming to enter the local market, including Ask Story DS, a specialist in intelligent integrated environmental control systems; Wooriel Soft, a specialist in airline system development solutions; and Bukwang Solar, a specialist in solar power remote monitoring and control centers, along with about 60 local companies (about 30 from Armenia and 30 from Belarus). Active consultations were held over two days. The association plans to discover technology cooperation demands between companies of the two countries through this consultation and also aims to achieve partnering results in the future.

Kim Sejong, the full-time vice chairman of the Innobiz Association, said, "Armenia and Belarus are countries where trade with Korea is gradually increasing and align with the overseas expansion demands of Korean companies, which are IT powerhouses. Marking the 30th anniversary of diplomatic relations, we will strengthen exchanges between companies of the two countries through innovative technologies possessed by Innobiz companies and actively support the global growth of Innobiz companies."

Meanwhile, the association has conducted technology exchange consultations this year targeting Vietnam, T?rkiye (Turkey), the Philippines, Cambodia, and Uzbekistan. In the fourth quarter, it plans to simultaneously promote online and offline consultations with seven countries including Indonesia, the Philippines, Morocco, and Hungary. The association will provide support such as buyer matching, video consultation equipment, and interpretation services to participating companies.

This content was produced with the assistance of AI translation services.