The St. Vincent and the Grenadines Chamber of Industry and Commerce (SVGCIC), and the Korea International Trade Association (KITA), have signed a Memorandum Of Understanding (MOU) signifying a developing business relationship between Korea and St. Vincent and the Grenadines (SVG).

The signing took place on Tuesday, February 28, at the conference room of the Ministry of Foreign Affairs.

Several Vincentian entrepreneurs were in attendance at the signing ceremony, and had the opportunity to interact with representatives of the KITA which is the largest business organisation in Korea.

Executive director of the SVGCIC, Anthony Regisford said the MOU demonstrates “a way of officially laying out the groundwork for cooperation between both entities”.

Regisford said the Chamber of Industry and Commerce (CIC) is seeking an expansion of opportunities through regional and international business entities with a similar vision. He mentioned that Korea was delighted to partner with SVG, as a way of boosting trade. Regisford added that the goal is to collaboratively gather data related to technology, trade, business and other statistics.

Secretary to the president for Future Policy, Office of the President of Korea, Yun-Il Kim spoke of Korea’s intention of having a relationship with SVG along with other countries. To this end, Kim announced that Korea is planning to host the World Expo in 2030, which will provide an avenue for young people in developing countries to learn about Korean culture and economy, as well as attaining business knowledge.

Established in 1976, KITA comprises 72,000 companies and includes high level government officials and representatives from the top companies in Korea. (API).