Seoul hosts Azerbaijan-Korean business forum
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ECONOMICS  07 June 2023 - 19:33

Seoul, capital of South Korea, hosted an Azerbaijani-Korean business forum within the third meeting of the Joint Commission on Economic Cooperation between the Government of the Republic of Azerbaijan and the Government of the Republic of Korea.

The business forum held by the Export and Investment Promotion Agency (AZPROMO) and the Korea International Trade Association (KITA) with the support of the Ministry of Digital Development and Transport of Azerbaijan was attended by Korean companies operating in the field of IT, energy, construction, mechanical engineering, chemical industry, healthcare, pharmaceuticals and others, Azertag reports.

Speaking at the forum co-chairman of the commission from Azerbaijan, Deputy Minister of Digital Development and Transport Samir Mammadov emphasized that such events will create new opportunities for the expansion of economic ties and mutual investments between the two countries.

Korean entrepreneurs were informed of the privileges applied in the Alyat Free Economic Zone, as well as in other industrial and technological parks in Azerbaijan, and Korean companies were invited to actively cooperate.

Presentations were made at the forum by the Special Office of the President of the Republic of Azerbaijan in the liberated territories of the Karabakh economic region, the authorized structure of the Alyat Free Economic Zone and AZPROMO.

During the presentations, the participants were provided with extensive information about infrastructure projects being implemented in the liberated territories and investment opportunities in Azerbaijan.

The event answered the questions of Korean entrepreneurs and held meetings in a B2G format.

South Korea asked for Azerbaijan's support Wednesday for its companies seeking to take part in major energy and other industry projects in the European nation, the industry ministry said.

Deputy Trade Minister Jeong Dae-jin made the request during their joint economic commission meeting in Seoul on the day, as the two nations explored ways to enhance bilateral economic and industry cooperation, according to the Ministry of Trade, Industry and Energy.

South Korean companies are pushing to participate in major energy-related projects in Azerbaijan, including a project by the State Oil Company of Azerbaijan to build natural gas facilities worth $3 billion.

Azerbaijan is rich in oil, gas and other natural resources, and it manages the Southern Gas Corridor, a natural gas supply route to Europe.

"The two sides exchanged opinions on how to expand bilateral trade relations, as well as cooperation on smart cities, smart farms, healthcare, education and various other sectors," the ministry said in a release.

Caliber.Az