South Korea grants $2 million to foster innovations in Azerbaijan

The Ministry of Digital Development and Transport of Azerbaijan and the Korea International Cooperation Agency (KOICA) have signed a Grant Agreement on Establishing Innovation Policy in Azerbaijan.

From the Azerbaijani side, the document was signed by Minister Rashad Nabiyev, and from the Korean side by the country director of the Azerbaijan office of the Agency Zhong Yun Mun on July 20, Caliber.Az reports, citing the ministry.

The purpose of the $2 million grant project is to prepare a Strategic Innovation Roadmap for improving the effectiveness of innovation policy in Azerbaijan.

The project will be implemented with the financial and technical support of KOICA until 2024.

The project, which allows using the field-related experience of South Korea, as one of the leading countries in the development of an innovation ecosystem, promotes investment in the relevant area in Azerbaijan and the application of innovations in various sectors of the country’s economy.