BAKU, Azerbaijan, November 14. Azerbaijan Industrial Corporation OJSC and South Korean companies signed a memorandum, Trend reports.
The OJSC regularly holds meetings with foreign companies, particularly investors, to enhance the value chain in various business sectors, develop competitive products, diversify portfolios, and establish new collaborations.
The Baku office of KOTRA (Korea Trade-Investment Promotion Agency) encourages trade relations between Azerbaijan and South Korea and supports direct investments by Korean companies in Azerbaijan.
The Baku office supported the Korean Institute for Advanced Engineering and Lemon Metal Inc. to enter the Azerbaijani market.
This collaboration resulted in a meeting involving the leadership of the Korean Institute for Advanced Engineering, Lemon Metal Inc., the Azerbaijan Industrial Corporation OJSC, and its subsidiary Azeraluminium LLC.
The meeting parties provided detailed information about their respective structures, discussed prospects for collaboration in the development of the aluminum industry, and the implementation of joint projects.
A memorandum of understanding was signed between Azeraluminium LLC and the Institute for Advanced Engineering, covering the production of aluminum alloys, the establishment of research centers, and other areas of cooperation.
The Institute for Advanced Engineering is a significant Korean organization conducting research in the field of manufacturing technologies.
Lemon Metal Inc., a subsidiary of Nedec Co. Ltd, specializes in the production of aluminum materials, primarily special types of aluminum alloys, supplying products globally to the automotive, energy, telecommunications, and information technology industries.
The meeting also agreed on a visit of the delegation to the Ganja Aluminum Complex in Ganja city to get acquainted with the production process.
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