Azerbaijan, South Korea sign economic coop deal
By Aynur Jafarova
Azerbaijan and South Korea have signed an agreement on economic cooperation. The agreement was inked by Azerbaijan's Finance Minister Samir Sharifov and South Korean Ambassador Choi Suk-inn on June 18, the ministry said.
The agreement envisages support for Azerbaijan's economic development, the promotion of economic cooperation between the two countries, and the allocation of loans to the Azerbaijani government from the Economic Development Cooperation Fund for the implementation of projects agreed with the South Korean government.
The relations between Azerbaijan and South Korea cover many areas, in particular, politics, economics, culture and other fields.
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.
Earlier the South Korean ambassador said that the two countries have signed about 40 agreements. In the past seven years the trade turnover between the two countries has increased 16-fold to hit $650 million.
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 have invested $150 million in Azerbaijan since 2008. They are involved in the project on intellectual management of transport and construction of Yevlakh-Ganja highway and are also interested in the projects on petrochemical parks in Azerbaijan.
There is a great potential for cooperation in the tourism sector as well.