Azerbaijan's investment opportunities presented in Korea

By Azernews

By Ayya Lmahamad

Azerbaijan’s investment opportunities were presented in Korea within the forum entitled “Azerbaijan-Korea trade and investment forum: Great return to Karabakh: investment potential of liberated lands, ongoing and planned projects”.

The event was organized jointly by Azerbaijan’s Export and Investment Promotion Foundation (AZPROMO), Azerbaijan’s embassy in Korea, and the Korea International Trade Association (KITA) with the Economy Ministry's support in Seoul. The forum was attended by over 50 Korean companies representing the agriculture and food industry, construction, trade, education, and other spheres.

Speaking at the forum, Azerbaijan’s Deputy Economy Minister Elnur Aliyev briefed on bilateral cooperation, especially with KITA, and noted the measures taken to strengthen bilateral business relations.

He added that more than 70 Korean companies are operating in Azerbaijan.

The deputy minister noted the work done in terms of the national socio-economic priorities of Azerbaijan, integration of the country's economy into global value chains and the global economy.

Aliyev called on Korean companies to take advantage of the favorable business environment in Azerbaijan, to actively cooperate and participate in projects implemented in the country’s liberated lands.

Noting the development of cooperation between the two countries in recent years, Azerbaijani ambassador to Korea Ramzi Teymurov stressed the importance of mutual visits in strengthening ties.

Moreover, noting Azerbaijan's great victory in the Second Karabakh War, the ambassador stressed that this historic event created new realities and new economic opportunities for Azerbaijan and the region as a whole.

KITA’s Executive Vice-President Seung Kwan Shin shared his views on expanding Azerbaijani-Koran trade relations, stressing the importance of developing partnerships between the association and relevant agencies in Azerbaijan.

The head of the Economy Ministry territorial rehabilitation and development department, Zamin Badirkhanov, made presentations on the economic revival of the liberated territories, reconstruction and construction projects.

AZPROMO’s Head Yusif Abdullayev briefed on reforms carried out in Azerbaijan to attract foreign investments and the favorable investment climate created for investors.

The event included the presentation of trade, transport and logistics opportunities of the Alat Free Economic Zone and investment projects implemented in Azerbaijan, answering questions from the participants and discussing opportunities for mutual cooperation.

It also included a bilateral meeting between the Azerbaijani delegation and KITA on expanding investment and business ties.

Azerbaijan and Korea are cooperating in various fields. Thus, Korean companies successfully operate in various economic fields in Azerbaijan. Korean companies 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 $157.5 million during the first nine months of 2021.