Azernews.Az

By Nazrin Gadimova

The Center for Strategic Studies under the President of Azerbaijan (SAM) and the Korea Institute for International Economic Policy (KIEP) co-organized the 5th Republic of Korea-Central Asia International Workshop in Baku on July 3.

The workshop is entitled "Economic reforms in Central Asia and Azerbaijan, and open economic policy: measures to strengthen Republic of Korea -Central Asia-Azerbaijan economic cooperation". Azerbaijani and Korean scientists, as well as delegates from Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan attended the event.

The opening ceremony of the event featured reports by Head of Political Analysis and Information Provision Department of the Azerbaijani Presidential Administration, Elnur Aslanov, SAM Director Farhad Mammadov, member of the Korean National Assembly Hwang Jin Ha, Korean Ambassador to Azerbaijan Choi Suk-inn and KIEP representative Jeong Yeo Cheo.

According to Farhad Mammadov, Azerbaijan's development will be based on the expansion of the non-oil sector in the near future. From this point of view it is important to study the experience available in this area.

Speaking at the event, Hwang Jin Ha said that Azerbaijan, as a strategic center between the Black and Caspian Seas, plays the role of a bridge which links Central Asia, the Middle East and Europe. He said that Central Asia is important for Korea.

"Evaluation of the economic relations between the Republic of Korea and Azerbaijan and prospects of Azerbaijan`s economic development" session saw speeches by SAM Department Head Vusal Gasimli, Director of the Scientific-Research Institute of Economy under Azerbaijan State University of Economy Rasim Hasanov and science worker of KIEP Jo Young Kwan.

Jo Young Kwan said Azerbaijan is located at the crossroads of energy streams in a strategic position.

The country has a vast energy potential, including opportunities in the non-oil sector. Azerbaijan in the future will be able to maintain the rate of development, and South Korea attaches great importance to the development of its relations with Azerbaijan, he said.

"In 2006 Azerbaijan began to receive investments from Korea. By the end of 2012 Korea had invested $2.65 billion in Azerbaijan, 90 percent of which to the construction sector," he said.

The Korean expert believes that the level of relations between the two countries does not correspond its potential. Korean specialists are able and willing, along with the construction sector, to carry out jointly with Azerbaijan major works in infrastructure, ICT and other fields.

A cooperation memorandum between SAM and KIEP was signed during the event.