The Korea Trade-Investment Promotion Agency, the nation’s trade and investment promotion agency, said Friday it opened its 120th overseas branch at the Blue Sky Hotel & Tower in Ulan Bator, Mongolia.
KOTRA president Oh Young-ho, Korean Ambassador to Mongolia Lee Tae-ro and about 100 other related officials attended the opening ceremony.
KOTRA signed a memorandum of understanding with the Korea Institute of Science and Technology, the Mongolian Academy of Sciences and the Institute of Chemistry and Chemical Technology.
“The value of trade between the two countries, which was only about $1 million in 1990 when we first established diplomatic ties, now stands at about $480 million,” said Oh. “Our official investment to Mongolia that began at $240,000 in 1994 has also reached $50 million in the past 18 years.”
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