By Diplomacy Journal Lee Kap-soo

Choi Jin-shik, Chairman of the Federation of Middle Market Enterprises of Korea (FOMEK), met with Tarash Papaskua, Ambassador of Georgia to South Korea, on October 14.

He stated, “Amid rapidly changing global trade and economic conditions, New Eurasia could be a good option as a breakthrough for diversifying exports and supply chains for Korean mid-sized enterprises.”

Chairman Choi emphasized, “To improve the export environment and secure stable supply chains, we must reduce our high dependence on China and the United States,” adding, “Georgia, the first country with which Korea concluded an Economic Partnership Agreement (EPA), is a key economic cooperation partner that has secured a physical and substantive gateway to the Eurasian corridor through its Free Trade Agreement (FTA) network with 46 countries, including the European Union (EU) and China.”

Chairman Choi added, “Georgia's business-friendly conditions, including an average annual economic growth rate of approximately 6%, a corporate tax rate of 15%, and an institutional environment meeting EU standards, can provide sufficient investment incentives as a base for Korean mid-sized companies to achieve a new qualitative leap forward.”

Ambassador Tarash Papaskua of Georgia to Korea stated, “The technological competitiveness of mid-sized companies leading the materials, components, and equipment industry can provide substantial support for the industrial diversification and modernization currently being pursued by the Georgian government.”

He added, “We will communicate more closely with the FOMEK to facilitate the entry of Korean mid-sized companies into Georgia and nearby markets like the EU, and to expand practical cooperation between our two countries.”

Chairman Choi emphasized, “Korea and Georgia share a historical experience of overcoming numerous political and economic adversities based on the resilience and innovative spirit of their peoples.”

He stressed, “We will closely cooperate with the Embassy of Georgia in Korea to ensure that Georgia's economic development through successful industrial restructuring and the renewed leap forward of Korea's mid-sized enterprises as global specialists generate mutually beneficial synergies.”