By Azernews

By Ayya Lmahamad

Azerbaijan’s Digital Development and Transport Ministry and Korea’s International Cooperation Agency (KOICA) signed a grant agreement to support the development of innovation policy in Azerbaijan, Azernews reports.

The agreement was signed by Digital Development and Transport Minister Rashad Nabiyev and KOICA’s Director of Azerbaijan office Moon Jong Hyun.

The concept behind the $2 million grant project is to prepare a strategic roadmap for innovation, in order to increase the efficiency of innovation policy in Azerbaijan. The project provides for the KOICA expert group to make suggestions and recommendations through research on improving institutional capacity and the development of the innovation and startup ecosystem.

Moreover, the project, using the experience of South Korea, one of the leading countries in the development of the innovation ecosystem, will contribute to investing in the field of innovation 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.