AZERBAIJAN-KOREA BUSINESS FORUM COMMENCES IN BAKU
The event is organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), the Economic Development Ministry of Azerbaijan, Korean Ministry of Energy, Industry and Trade and Chamber of Commerce and Industry. The establishment of joint companies and encouragement of investments in the non-oil sector are high on the agenda of the forum.
The 61-member Korean delegation led by Deputy Minister of Energy, Industry and Trade Won Gul Lee comprises representatives of high-profile companies of this country.
Over 100 Azerbaijani private and state companies plan to hold bilateral meetings with Korean partners on the sidelines of the business forum.
Deputy Minister of Economic Development Niyazi Safarov reported that trade turnover increased by 53% in 2005 in comparison with the previous year as well as import operations jumped by 78,2%. The same trend is seen this year as well.
Mr. Safarov said Azerbaijan is interested in expanding cooperation in electrical engineering, energy, shipbuilding and agriculture.
According to Deputy Minister of Energy, Industry and Trade Won Gul Lee, the agreement on economic development cooperation was reached during South Korean president Roh Moo-hyun’s visit to Azerbaijan at the first Azerbaijan-Korea business forum held on May 11, 2006 in Baku. He said good opportunities for doing business had been created in Azerbaijan, and it raised Korean businessmen’s interest to Azerbaijan
Azpromo’s supervisory board chairman Chingiz Asadullayev said businessmen of both countries will hold direct talks during the forum, and updated Korean delegation on the investment opportunities in Azerbaijan.
Presentations on the theme “Investment Opportunities in Azerbaijan”, “Strategy of Economic Development of Korea”, “The Review of Azerbaijani Economy” and “Present state and future of Azerbaijan-Korea Economic Relations” have been made at the event.
The event was attended by Korean Ambassador in Azerbaijan Hayong Mun.
Forum will be continued before August 31.
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