Azernews.Az

Another group, Korea International Cooperation Agency (KOICA), has filled the ranks of international organizations operating in Azerbaijan.
KOICA is a technical grant agency from South Korea. It was founded as a governmental agency in April 1991 to maximize the effectiveness of Korea`s grant assistance for developing countries by implementing the government`s aid and technical cooperation programs.
In the past, development cooperation efforts were focused on meeting the Basic Human Needs of developing countries and on fostering their Human Resources Development. However, the focus has now shifted to promoting sustainable development, strengthening partnerships with developing partners, and enhancing the local ownership of beneficiaries. Additionally, global concerns such as the environment, poverty reduction, and gender mainstreaming, have gained significant importance in the international community.
Due to the continuously changing trends in development assistance efforts and practices, KOICA is striving to adapt to these changes by using its limited financial resources effectively in areas where Korea has a comparative advantage. In particular, Korea has the unique experience of developing from one of the poorest countries in the world to one of the most economically advanced, "and know-how gained from this experience" is an invaluable asset that helps KOICA to efficiently support sustainable socio-economic development of its partner countries.

Azerbaijan mission
The KOICA office in Azerbaijan was set up on February 16. The KOICA office is the third office opened in the Commonwealth Independent States to strengthen economic and social cooperation and share the Korean development experience with Azerbaijan. KOICA has planned to implement seven technical cooperation projects in the fields of using land and water resources, establishing economic systems, Special Economic Zones and improving socio-economic infrastructure (Distribution of Electricity, Baku Bay Marine Bridge) in Azerbaijan. Furthermore, KOICA invites about 40 government officials to Korea for a technical training course this year.
The budget of KOICA`s technical cooperation project and training program for Azerbaijan totals about $4 million in 2009.

Bilateral relations
The trade turnover between Azerbaijan and South Korea has increased tremendously in the past years. The figure rose from $4 million in 2002 to $243 million in 2008.
After a visit to Azerbaijan by South Korean President Roh Moo-hyun in May 2006, economic relationship between two countries has strengthened every year.
The main export products of Korea include cars, such as Hyundai, Kia and Daewoo, and spare parts, heavy equipment for construction, wireless communication devices, medical instruments, etc. Azerbaijan exported petroleum and aluminum to Korea in 2007-08.
Furthermore, the Korean public and about 15 private companies are ramping up investments in the fields of information technologies, road upgrade, and general construction.