Tandy Wangchuk, president of the Bhutan Chamber of Commerce and Industry (BCCI), and Samsoo Kim, director general of the Korea Trade-Investment Promotion Agency (KOTRA), signed a memorandum of understanding yesterday in Thimphu to strengthen commercial ties between the two nations.
The three-year memorandum of understanding is a renewed iteration of the one signed on December 24, 2019; results are anticipated within six months.
Samsoo Kim stated that the previously signed MoU could not be implemented as a result of the Covid-19 epidemic. He anticipates that the renewed MOU will foster economic cooperation between the two nations.
BCCI and the Korea agency work together to boost trade.
Since the 1960s, Korea has witnessed economic growth, according to Samsoo Kim. “Many Korean business communities are extremely progressive in international cooperation in the food, environment, and manufacturing industries, where the two nations can collaborate.”
He stated that the Korean government would invite Bhutanese businesses to a variety of exhibitions and organize online and offline encounters.
Tandy Wangchuk stated that the BCCI and KOTRA were looking forward to cooperating in a variety of areas, including waste management, occupational safety in the construction industry, mechanic training, commerce in vehicle spare parts, and cosmetics.
The two countries will also communicate and disseminate information and publications regarding foreign trade, technical transmission, economic cooperation, investment opportunities, trade fairs, exhibitions, economic policies, and economic legislation.
In addition to seeking cooperation for trade investment opportunities, businesses will encourage and support counterparts in joint ventures, production cooperation, and technology transfer.
In addition, businesses will work together to organize workshops, seminars on cooperation projects, exhibitions, conferences, technical seminars, and displays of new product samples and literature, as mutually agreed upon.
Founded in 1962, KOTRA is a state-funded trade and investment promotion organization run by the South Korean government.