Minister praises ties with South Korea

By Azernews

By Rasana Gasimova

Azerbaijani Minister of Transport, Communications and High Technologies has said that cooperation with South Korea is developing and that the two countries are enjoying increased mutual turnover.

Speaking at the event dedicated to the Day of the Foundation of Korea and the Armed Forces Day of Korea held in Baku, Minister Ramin Guluzade said that the two countries have so far signed about 50 documents on cooperation in politics, economy, investment protection, e-government, an intelligent transport management system, emergency situations and other fields.

He reminded that the trade turnover between Azerbaijan and Korea amounted to $227 million in 2018, which is 2.6 times higher than that in 2017.

Guluzade emphasized a great potential for cooperation between Azerbaijan and Korea in the fields of information and communication technologies, smart transport, healthcare, industry, agriculture, energy, oil and gas and other spheres.

He went on to say that the countries also closely cooperate in a number of international organizations, particularly, the UN.

The Minister emphasized that South Korea always supports Azerbaijan’s fair position in the Armenian-Azerbaijani Nagorno-Karabakh conflict based on international law and the territorial integrity of the country.

“We highly appreciate Korea’s support for the territorial integrity of Azerbaijan,” he added.

In conclusion, Guluzade expressed confidence in further development and expansion of relations between the two countries.

Note that the relations between Azerbaijan and South Korea, established in 1992, became more intensive after the establishment of the Embassy of South Korea in Azerbaijan in 2006 and the Embassy of Azerbaijan in South Korea in 2007.

So far, South Korea has invested about $180 million in the Azerbaijani economy, and Azerbaijan has invested $474 million in South Korea. At present, 74 South Korean companies are registered in Azerbaijan that participate as contractors in government projects.

Recently, Azerbaijan and South Korea signed a framework agreement on grant support that envisages the continuation of joint cooperation on technical assistance and grant support between the two countries.

Presently, the two countries broaden bilateral cooperation almost in all sectors. In this regard, it is important to mention agricultural sector. Azerbaijan studies South Korean experience in supply of agricultural products.

Moreover, cooperation between the countries is expected in solving issues of problem loans and small and medium-sized businesses.