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South Korea Ready to Assist Azerbaijan in Constructing Industrial Towns

Business Materials 29 August 2007 17:51 (UTC +04:00)

Azerbaijan, Baku /corr. Trend I.Khalilova / The Government of South Korea recommended that Azerbaijan attract Korean companies in constructing industrial towns, said the South Korean Deputy Minister of Trade, Industry and Energy, Lee Jae Hun, who is on a visit to Baku. He discussed the topic further at a meeting with representatives of the Azerbaijan Export and Investment Foundation (AZPROMO) and the Korean Technical Support Organization KOYKO.

The proposal caught the interest of Azerbaijan and its Ministry of Economic Development began talks with the international financial organizations to attract them in the construction of industrial towns.

The realization of the pilot project on constructing industrial towns in Khizi and Apsheron will be financed by the State and an initial AZN 8mln has been allocated for these goals. Talks are being held with the International Financial Corporation and other international financial institutions (IFIs) for the further realization of the project.

Small and medium enterprises may function in the industrial towns. No special benefits and tax privileges will be created for the companies working in the industrial town, but they will have broad opportunities to obtain privileged credits. Together with the local companies, the foreign companies will also be able to be active in the industrial towns. Preference will be given to the production of export products.

This project, developed for over two years, is being carried out by the Agency for Cooperation and Development of Turkey (TIKA).

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