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President Aliyev says Azerbaijani-Korean ties moving forward dynamically

27 November 2014 18:27 (UTC+04:00)
President Aliyev says Azerbaijani-Korean ties moving forward dynamically

By Aynur Jafarova

The relations between Azerbaijan and South Korea are moving forward very dynamically covering new areas, and enjoy good capacities for further development.

This remark was made by Azerbaijani President Ilham Aliyev who received a delegation led by South Korean Prime Minister Jung Hong-won in Baku on November 27.

“We are satisfied with the development of our ties,” he said. “Strong political relations help to achieve good results in economic and business areas. The majority of Korean companies are actively participating in various projects in Azerbaijan.”

The Korean prime minister, for his turn, noted Azerbaijan is the center of the Caucasian culture and the Caspian region.

“Azerbaijan is experiencing dynamic development based on a lasting political stability. During your presidency, your country’s incomes increased 10 times, and this can be considered as Azerbaijan’s miracle,” he said.

Hong-won went on adding that the two countries established diplomatic relations 20 years ago. “It is a short period. However our relations are rapidly developing,” he said.

The sides also discussed prospects for cooperation between Azerbaijan and South Korea in infrastructure, energy, construction, information technologies, investment making and other sectors.

Later, the prime minister met with First Deputy Prime Minister Yagub Eyyubov, who noted that
Azerbaijan attaches great importance to the cooperation with many world states.

Touching on the importance of further developing relations between the two countries in various fields, Eyyubov said there is good potential in this regard.

The Korean prime minister, in turn, stressed the importance of his visit to Baku and highlighted friendly relations between the two countries and nations.

Diplomatic relations between the two countries were established in March 1992. In 1997 Azerbaijan's Chamber of Commerce and Industry and Korea Trade-Investment Promotion Agency (KOTRA) signed an agreement on business cooperation and business promotion.

The two countries have signed over 40 agreements.

Although the trade turnover worth $300 million does not fully reflect the great capacity between the two countries, the recent rapid rate of increase in trade is a notable development.

In 2003, the bilateral trade amounted to only $10 million. In the last decade there has been a 30 fold increase in the trade volume between Korea and Azerbaijan.

Korean and Azerbaijani companies cooperate in all sectors, including the construction of highways, subways, petrochemical plants and a Stadium for the European Games in Azerbaijan.

Korea exports to Azerbaijan mainly automobile and plastic and electronic products while the South Caucasus republic exports oil, aluminum and copper products to Korea.

Korean companies are involved in a project on intellectual management of transport and construction of Yevlakh-Ganja highway. They are also interested in the projects on petrochemical parks in Azerbaijan.

There is a great capacity for cooperation in the tourism sector as well.

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