Bhutan Chamber of Commerce and Industry (BCCI) President, Tandy Wangchuk, and Korea Trade-Investment Promotion Agency (KOTRA) Director General, Samsoo Kim, signed an MoU in Thimphu yesterday to build stronger business relations between the two countries.

The three-year MoU is a renewed version of the one first signed on December 24, 2019 and is expected to produce results within six months.

Samsoo Kim said that the previously signed MoU could not be implemented due to the Covid-19 outbreak. He expects the renewed MoU will facilitate economic cooperation between the two countries.

“Korea has experienced economic development since the 1960s,” said Samsoo Kim. “Many Korean business communities are very progressive in international cooperation in the food, environment, and manufacturing sectors where the two countries can collaborate together.” 

He said that the Korean government would invite Bhutanese companies for various exhibitions and arrange meetings both online and offline. 

Tandy Wangchuk said that the BCCI and KOTRA were looking forward to cooperating in waste management, occupational safety in the construction sector, skilling mechanics, trade in vehicle spare parts, and cosmetics, among others. 

The MoU will also exchange and disseminate information and publications regarding trade, technical transfer, economic cooperation, investment opportunities, trade fairs, exhibitions, policies, and economic legislation pertaining to foreign trade between the two countries.

Businesses will also seek cooperation for trade investment opportunities, encourage and assist counterparts in joint ventures, production cooperation, and technology transfer.

Additionally, businesses will collaborate in organising workshops, seminars on cooperation projects, exhibitions, conferences, technical seminars, and displays of samples and literature of new products, as mutually agreed.

Established in 1962, KOTRA is a state-funded trade and investment promotion organisation operated by the Government of South Korea.