Minister of Economy of Abkhazia and President of the CC of DPRK discussed prospects for cooperation

The meeting of Minister with President of the DPRK Chamber of Commerce took place in the Ministry of Economy of Abkhazia.

Sukhum. November 28. Apsnypress. Minister of Economy of the Republic of Abkhazia Adgur Ardzinba met with President of the Chamber of Commerce of the Democratic People’s Republic of Korea Ryu Hen Chhor.
 
 At the same time, Minister of Economy Adgur Ardzinba noted that Abkhazia knows about the successes of the DPRK in terms of increasing export volumes in recent years.
 
 “In this regard, I want to inform you that despite the small local market in Abkhazia, up to one and a half million tourists from the Russian Federation come to us annually. Plus, we have a duty-free trade agreement with Russia since 2012. That is, all products manufactured or processed in Abkhazia are delivered duty free to the Russian market, which is one of the most interesting in the region, ” - Ardzinba said. 
 
 According to minister, it is possible to discuss the prospect of creating joint ventures on the territory of Abkhazia, focused both on the domestic and Russian markets, as well as trading houses in both countries.
 
 “We have relatively liberal legislation in terms of the business tax environment, the inflow of foreign labor, the lowest electricity tariff in the world. There are different directions and topics that we are ready to discuss, " - emphasized Adgur Ardzinba.
 
 In turn, president of the DPRK Chamber of Commerce thanked minister for the meeting and stressed that in the DPRK at the moment all efforts are directed at developing the economy and raising the living standards of the population.
 
 “Our leader ordered to develop the economy with new countries in various fields. In order to realize this idea, we organized a delegation's visit to Abkhazia to study the possibilities of cooperation between our countries, ”- said Ryu Hyun Chhor.
 
 He confirmed that the opening of a joint venture to set up production in Abkhazia is interesting for their side.
 
 “Given the duty-free agreement with Russia, we can implement it. We also noticed that you produce a lot of agricultural products that we could import into the DPRK, ” - president of the Chamber of Commerce noted.
 
 Ryu Hyun Chor reminded that the actions of international sanctions against the DPRK create certain difficulties.
 
 “We hope that gradually we will be able to achieve positive results. We must develop trade links between our countries, " - he said.
  
 Minister of Economy told the guests about the possibilities of providing agricultural territories for North Korean companies that could grow products in Abkhazia oriented towards the preferences of their consumers. He also offered to discuss the possibility of supplying Abkhaz products through the territory of the DPRK to other countries, such as China.
 
 Adgur Ardzinba noted that the infrastructure facilities of the seaports of Abkhazia allow developing maritime trade.
 
 “We need to determine the potential volumes of exports and imports between our countries in order to make this type of trade profitable,” - he said.  
 
 President of the DPRK Chamber of Commerce noted that if the trade turnover between the countries continues to grow, then supplying products from Abkhazia through the territory of the DPRK to other countries will be relevant.
 
 “In particular, we also have a duty-free trade regime for some goods with China. Therefore, it can be interesting, " - said Ryu-hyun Chor.
 
 At the same time, Adgur Ardzinba informed the representatives of the DPRK delegation that the State Investment Agency specially created for working with investors, will provide full assistance to all undertakings that will be planned during the stay of the delegation of the DPRK in Abkhazia.