The Korea Trade-Investment Promotion Agency (KOTRA) launched a commission for business in Central Eurasia on March 13 to collect Central Eurasia-related information and make use of it to assist in Korean companies’ businesses in the region.
In the commission, the Ministry of Strategy & Finance, Ministry of Trade, Industry & Energy, and the like participate as advisors, along with 50 public institutions and companies including Korea Eximbank and the Korea International Trade Association.
Although there is no one single term in English for this region, the term “Central Eurasia” has been proposed by Morris Rossabi as roughly coinciding with the full extent of the Silk Road and the Mongolian Empire at its height. It accounts for 17 percent of the land area of the world, covering Russia, Central Asia, and Mongolia, and is home to more than 370 million people and abundant crude oil and gas.
Korean firms have had a hard time in accessing the region due to the lack of business information, language barriers, and physical distance. So KOTRA is going to provide the collected information on the Eurasia Information Portal (www.i-eurasia.org) while holding business sessions in Northeast Asia, Mongolia, Central Asia, and Western Eurasia.