AIC Concludes 2 Memorandums with South Korean Holding
Azerbaijan, Baku/ Trend , corr. I. Khalilova/ Emil Madjidov, the President of AZPROMO (Azerbaijan Export and Investments Encouragement Fund), has said that the AIC (Azerbaijan Investment Company) has signed two Memorandums on Intension with the South Korean Holding - STX during today's Azerbaijani-Korean Business-Forum being held in Seoul.
According to him, the first Memorandum on Mutual Intension envisages the construction of a shipyard in Azerbaijan; the second one outlines cooperation with STX.
The second memorandum envisages the assembly of ten plants to generate wind energy. The forthcoming will be constructed in one of the Baku's suburbs. The shipyard will be constructed in one of the Baku suburbs. In the mentioned project, the Korean Holding will be the major stockholder. AIC's stake in the project is likely to reach 25%.
Notably, a group of experts representing STX are currently engaged in the legal aspects of the projects in Baku. As soon as the mentioned Memorandum is concluded, the Korean expert group will launch elaborated technical issues and aspects. A feasibility study on the project of construction of a shipyard is expected to be completed in May-June, 2007.
"STS is a large-scale holding and has relevant experience in different sectors of economy. Experts of the Korean holding are currently carrying out intensive work on detecting possible sectors for the joint investment, and we render our assistance to them in this issue," said Anar Akhundov previously, the Head of AIC.