Azerbaijan, Korea to jointly produce LED light sources
Baku, Azerbaijan, Feb. 20
By Huseyn Veliyev - Trend:
The State Fund for Development of Information Technologies signed a memorandum of understanding with South Korea's LG Company for the deployment of a joint production of LED light sources (LED - Light-emitting diode), the executive director of the State Fund for Development of Information Technologies under the Azerbaijani Ministry of Communications and High Technologies Elchin Zeynalov told Trend.
He said that it is provided to attract about 10 million manats (AZN) of investment for implementation of the project.
The official exchange rate for February 20 is 0. 7862 AZN/USD.
"Our main task is to attract foreign capital into the project, as well as create opportunities for sales of finished products to foreign markets," said Zeynalov. "Currently, negotiations are underway for the establishment of business structure responsible for the project, the issues of share distribution of investments and prospects for future sales of finished products are being discussed."
Solid-state lighting is energy efficient and environmentally friendly, as opposed to ordinary incandescent bulbs, and allows saving up to 80 percent of consumed energy.
Edited by CN
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