KOTRA opens its branch in Mongolia

Ulaanbaatar /MONTSAME/ A branch of the S.Korea's Trade-Investment Promotion Agency (KOTRA) opened in Ulaanbaatar last Friday. This is the 120th overseas branch of the KOTRA, located at the "Blue Sky" Tower. Present at the ceremony were some 100 officials including S.Oyun, the Minister of Environment and Green Development; S.Demberel, a head of the Mongolian National Chamber of Commerce and Industry; Oh Young-ho, the KOTRA president; Lee Tae-ro, the Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Mongolia; and others. The Minister S.Oyun expressed a satisfaction with opening of the KOTRA’s branch in times of widening of the bilateral political and socio-economic ties, and hoped that the branch will forward the economic relations. "The trade between our countries was about USD one million in 1990 when we established diplomatic ties, now it stands at some USD 480 million," noted Mr Oh. "Our official investment to Mongolia that began at USD 240,000 in 1994 has reached USD 50 million in the past 18 years," he added. Co-opened by the South Korea’s Embassy in Mongolia and the KOTRA, the branch aims to support the S.Korean organizations and producers in investing Mongolia and in carrying out business here.