Baku, Seoul discuss investment opportunities

By Azernews

By Ayya Lmahamad

Azerbaijan and Korea have discussed issues of expanding bilateral cooperation in the investment sector, Azernews reports.

The discussion occurred during a meeting between representatives of Azerbaijan's Export and Investment Promotion Agency, Korea's Trade and Investment Promotion Agency (KOTRA), and the Korean Lemon Metal company.

During the meeting, the parties discussed the favorable investment climate in Azerbaijan.

Lemon Metal company representatives have expressed their interest in investing in the production of aluminum products in Azerbaijan.

Diplomatic relations between the Republic of Azerbaijan and the Republic of Korea were established on March 23, 1992. The embassy of Korea in Azerbaijan was opened on March 4, 2006, whereas the embassy of Azerbaijan in Korea was established on March 14, 2007.

Azerbaijan and Korea are cooperating in various spheres. In total, around sixty-seven documents were signed between the two countries.

Korean companies successfully operate in various economic spheres in Azerbaijan and they played a role in the modern architectural image of Baku as well as in the implementation of major industrial infrastructure projects.

The trade turnover between the two countries amounted to $227.6 million in 2021.