Azernews.Az

By Amina Nazarli

South Korean companies seek to expand their participation in implementation of the infrastructure projects in Azerbaijan.

The issue was discussed in Seoul within the framework of the first meeting of the Joint Commission on Economic Cooperation between the two countries. The first meeting of the Commission brought together officials of various ministries, organizations and joint stock companies.

Prior to the meeting, the Azerbaijani co-chairman of the Commission, Deputy Minister of Communications and High Technologies, Iltimas Mammadov, and the co-chairman of the Commission on behalf of South Korea, Vice Minister of Trade, Industry and Energy , Woo Taehee, discussed prospects for developing the bilateral relations between the two states.

The sides discussed the ways to enhance cooperation in trade and investment areas, as well as the issue of supporting Korean companies for participation in infrastructure projects in Azerbaijan.

To discuss a bilateral cooperation, a mission of South Korean Trade, Industry and Energy Ministry will visit Baku in September.

“We expect that the leading industry technology of South Korea and the rich resources of Azerbaijan will allow us to produce products with high added value,” Woo Taehee said.

Following the discussions a protocol of the first meeting of the Joint Commission on Economic Cooperation was signed.

The Joint Commission on Economic Cooperation between Azerbaijan and Korea was established in 2015 in accordance with the agreement on economic cooperation between the two sides.

About 20 Korean companies are doing business in Azerbaijan. In general, almost 4,000 people from Azerbaijan and Korea on average enjoy business cooperation on a yearly basis. The two countries carry out an active cooperation in a number of fields, including economic, political, cultural, and scientific and education.

The trade turnover with South Korea amounted to $30 million in January-April 2016, almost the entire amount of which fell to the import from that country, according to the Azerbaijani State Customs Committee.

Korea exports to Azerbaijan mainly automobile and plastic and electronic products while the South Caucasus republic exports oil, aluminum and copper products to Korea.

Baku and Seoul also will boost maritime cooperation, as the two countries have agreed on joint actions in this field earlier in March.

These were “Memorandum of Cooperation between the State Maritime Administration of Azerbaijan and the Korean Oceans and Fisheries Ministry” and “Memorandum of Understanding on mutual recognition of certificates (diplomas) issued on the basis of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978”.

The documents are expected to give impetus to develop the relations between the two countries in maritime transport, trade and cooperation spheres.

Meanwhile, on the extraordinary plenary session on Tuesday Azerbaijan’s Parliament approved “Memorandum of Understanding on mutual recognition of certificates (diplomas) issued on the basis of the International Convention on Standards of Training, Certification and Watchkeeping” between the State Maritime Administration of Azerbaijan and the Oceans and Fisheries Ministry of Korea.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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