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Azerbaijan, Korea to exchange of experience in export promotion

6 April 2017 16:21 (UTC+04:00)
Azerbaijan, Korea to exchange of experience in export promotion

By Kamila Aliyeva

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Korean International Trade Association (KITA) signed a memorandum in Baku on April 6, Trend reported.

The memorandum was signed within the framework of the visit of Korean delegation to Baku and covers the development of trade, economic and investment ties between the two countries, as well as the exchange of experience in the field of exports and investments promotion.

The parties also discussed the expansion of contacts between the entrepreneurs of the two countries.

The diplomatic relations between the Republic of Azerbaijan and the Republic of Korea was established on March 23, 1992.

The relations between two countries have become more intensive after the establishment of the Embassy of the Republic of Korea in Azerbaijan in 2006 and the Embassy of the Republic of Azerbaijan in Korea in February 2007.

Azerbaijan was declared by the Korean government as priority country for economic cooperation for 2011-2013. In 2015, the Joint Intergovernmental Commission on Economic Cooperation was established between the Azerbaijan and Korea. Last June, the first meeting of Joint Economic Commission was held in Seoul.

The trade turnover between Azerbaijan and the Republic of Korea totaled $72.17 million in 2016, while $72.05 million accounted for the import of Korean products, according to the State Customs Committee.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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