Azerbaijan, Baku / corr Trend I.Khalilova / Azerbaijan and South Korea have determined the directions of cooperation on the basis of protocols signed as a result of five subcommittees within the framework of the second session of the Commission on Economic Cooperation held in Baku.
Mikayil Jabbarov, the Azerbaijani Deputy Minister for Economic Development, said a result of meetings of working groups on 28 August Korea intends to study opportunities in the agriculture, communications and telecommunications and transport sectors, construction of independent electric power stations and to deepen cooperation in the oil sector.
"We take a great interest in Korea's experience in the establishment of free economic zones and industrial towns. Azerbaijan welcomes Korean companies' coming to Azerbaijan independently," Jabbarov said. Discussions were held in the sphere of establishment of a Trade House of Korea in Azerbaijan.
Lee Jae-Hun the Korean Deputy Minister for Trade, Industry and Energy, appraised the increase of goods turnover between the countries over the first half of the year by 6-7 times to $370mln compared to $47mln over a similar period in 2006.
"Korean companies are prepared to cooperate with Azerbaijan and over 40 projects have been considered over the last year and a half," the Korea deputy minister said.
Particularly, to consolidate cooperation in the agriculture sector the sides reached an agreement on the development of a legislative based memorandum. The document will stipulate cooperation in the areas of seed growing, refinery, trading and conduct of training.
Korea is prepared to fully back the establishment of an Electronic Government in Azerbaijan and training of specialists on ICT is planned.
There are huge opportunities for cooperation in the oil and gas sector, construction and infrastructure. "Some Korean companies have presented business proposals on the participation in building the infrastructure," Khun said