Republic of Belarus, committed to the development of the digital economy, expects to involve investors from South Korea.

As reported by Korean newspaper JoongAng Daily, in the framework of the working visit to the state in East Asia Belarusian diplomats expressed interest in strengthening cooperation with investors considering participation in FINTECH and blockchain projects realized on the territory of Belarus.

During an interview with JoongAng Daily, the Deputy Minister of foreign Affairs of Belarus Andrei Dapkiunas has indicated that the government is seeking to establish contact with Korean investors interested in the technologies of the “fourth industrial revolution”, including the blockchain, and artificial intelligence (AI).

Noting that Belarus has developed an “innovative state legislation” for the IT sector, he stressed the “innovative” nature of the state policy in the field of “blockchain, cryptocurrency, startups and production software.” We will remind, in December last year, President Lukashenka signed a decree “On the development of the digital economy,” legalize ICO and smart contracts, and establishing tax holidays for the sector companies for a period of five years.

Meanwhile, States already have an established business relationship. Exports from South Korea to Belarus covers products in the IT, electronics, automobiles and construction equipment, while Belarus exports to Korea potash fertilizers, semiconductors, optical devices and lasers.

As reported by the JoongAng Daily, the Dapkiunas believes that “the potential for mutual interest between Belarus and Korea much more”, but so far these capabilities have not been implemented.

“We are confident that considerable potential exists for mutually-beneficial cooperation in such fields as space exploration, artificial intelligence, biotechnology, electric vehicles and unmanned vehicles, robotic systems and electronics, nanomaterials and the digital economy”, — said the Deputy Minister.

Belarus reiterated its position in relation to the economy in a digital format in may — then Minister of communications and Informatization, Sergei Popkov said that digital technologies are considered as one of the top priorities due to its ability to transform “the economy, public administration and social services.”

And two months earlier — in March — the Ministry of Finance of Belarus officially introduced the national accounting standard tokens, which establishes criteria for the classification of cryptocurrency tokens, the order of evaluation of their cost and other aspects of the “digital signs”.

In addition, in June Belarus introduced the draft resolution “On the digital economy” at the next session of the parliamentary Assembly of the Organization for security and cooperation in Europe (OSCE). The document, whose goal is to promote the principles of the digital economy to promote economic growth of countries in the OSCE, has received the support of representatives of the participating countries and was adopted unanimously.

However, despite a number of advantages, investors and project developers while wary of the prospects for work in the new digital space of Belarus due to the high risks and lack of real practice the use of innovative standards.