Azerbaijan, Korea mull energy, transport cooperation [PHOTO]

By Ayya Lmahamad

Azerbaijani Energy Minister Pariz Shahbazov and Chairman of the Presidential Committee on Northern Economic Cooperation of the Republic of Korea Chong Soo Park have discussed bilateral energy, transport, ICT, cyber security, and economic cooperation.

Energy cooperation

Speaking about the current level of economic trade relations between the two countries, as well as cooperation in the energy field, the minister noted that this visit will contribute to the realization of potential opportunities in the energy sphere.

Shahbazov briefed on the development of the oil and gas industry in the country, infrastructure projects of regional and global importance in this field, and the supply of oil products and liquefied natural gas to Korea.

Noting that although Azerbaijan has historically been known as a country rich in hydrocarbon resources, the minister stated that one of the country’s main goals now is to increase the installed capacity of renewable energy sources from 17 to 30 percent by 2030.

“The head of state pays special attention to renewable energy development. As one of the national priorities for socio-economic development, important strategic tasks have been identified to become a country of 'green growth' and achieve a clean environment, as well as to create a 'green energy zone' on the liberated territories. The steps taken in this direction will provide high support to our targets for renewable energy,” he said.

He stressed that the liberated territories will become a unique zone in the world with the maximum use of renewable energy sources to meet energy needs.

Moreover, the participants were briefed on the high potential of wind energy in the Caspian Sea, prospects for the production and export of green hydrogen at the expense of this potential, and the cooperation opportunities in the relevant direction. In addition, they discussed the work done to strengthen the legislative framework in the energy field.

Informing about Korea’s new Northern Policy, Chong Soo Park noted that although Azerbaijan is geographically the furthest among the 14 countries covered by the policy, the two countries have close relations.

He spoke about Korea's energy policy, the work done in the direction of using renewable energy sources and protecting the environment.

Noting that there are well-known companies operating in his country in the field of “green energy”, including hydrogen energy, the chairman said that Azerbaijan's goals in this direction create a potential for cooperation with Korean companies.

Additionally, the importance of the event for Korean companies operating in the field of “green energy” on the relevant investment opportunities in Azerbaijan was noted.

The sides exchanged views on prospects for cooperation in various fields in the energy sector.

Transport cooperation

Chong Soo Park also met Azerbaijan’s Digital Development and Transport Minister Rashad Nabiyev.

The parties discussed the continuously developing economic cooperation, ICT, cyber security, and transport sector between the two countries.

They also discussed the issue of the participation of Korean companies in projects being implemented in Azerbaijan’s liberated lands.

During the meeting, it was noted that digital transformation is a priority in Azerbaijan and it is important for the country to get acquainted with the best practices of Korea in this field.

Azerbaijan and Korea are cooperating in various fields. Thus, Korean companies successfully operate in various economic fields in Azerbaijan. Korean companies played a role in the modern architectural image of Baku as well as in the implementation of major industrial infrastructure projects.

The trade turnover between the two countries amounted to $157.5 million during the first nine months of 2021.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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