BAKU HOSTS SECOND MEETING OF AZERBAIJAN-KOREA ECONOMIC COOPERATION COMMISSION
The second meeting of the Azerbaijan-Korea Economic Cooperation Commission was held Monday at the Hyatt Regency hotel.
Addressing the meeting, Economic Development Minister of Azerbaijan Heydar Babayev said that rapid development in Azerbaijan is welcomed with curiosity not only in the West but also in the East. Azerbaijan’s geographical and political position attracts Asian nations including the South Korea. At the same time, Azerbaijan is also curious about Korea’s amazing economic experience. According to H. Babayev, the reciprocal visits of the two countries’ presidents and the documents signed constitute the basis of today’s cooperation. If there is a need to sign new documents, the relevant committees will discuss them.
Minister reported that trade turnover between the two countries surged by 80 percent to 157 million in comparison with that for six months of the last year. This figure is expected to reach over $300 million by the end of the year. Azerbaijan Investment Company sealed the memorandum of understanding with a number of Korean companies. One of them is tipped to become a contract.
The negotiations defined the priority areas of cooperation. Korean companies prefer to invest in the non-energy sector of Azerbaijan. Minister said favorable conditions for Korean companies will be created in Azerbaijan.
Korean Deputy Minister of Commerce, Industry and Energy Lee Jae Hoon, Korean ambassador to Azerbaijan Lew Kwang-Chul said in their remarks that Azerbaijan-Korea relationships have seen a great progress over the short period of time. The countries signed some 30 documents. Presently, over 40 documents are under consideration. 68 Korean businessmen arrived in Azerbaijan to establish contacts here.
Chairman-in-office of the Korea-Azerbaijan Economic Cooperation Lee San-Ok told of the Korea’s economic capabilities, and priority areas of cooperation with Azerbaijan while representative of the Korea Energy Economics Institute Lee Son-Kew touched on the prospects for development of energy ties.
Deputy Economic Development Minister Mikail Jabbarov, President of the Azerbaijan Export and Investment Promotion Foundation Emil Majidov reported on the investment climate in the country.
Director of the department of the Korean Ministry of Commerce, Industry and Energy Kim Son-Mo told of the Economic Cooperation Commission’s structure and activity.
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