Korean Businessmen Intend to Refine Oil in Azerbaijan
Azerbaijan, Baku, 19 May / corr. Trend U. Ismayilova/ The Korean businessmen are interested in investing in the Azerbaijani energy sector, Kyung San Min, the vice-president of KOTRA said in Baku on 19 May in the opening ceremony of the permanent representation of the Korean Trade and Investment Promoting Agency (KOTRA).
"The Korean businessmen are interested in this sphere due to high level of its development," Min said.
According to the vice-president, the Korean companies intend to construct an electric power station and refine the oil.
According to Min, though the key plan of KOTRA is to take part in the energy sphere of Azerbaijan, the Company also plans to extend its activities to the non -oil sector of Azerbaijan as well after it fully studies the market. The Korean entrepreneurs have already stated their wish to take part in the construction sphere and trade, he said.
"Two Korean companies have stated their wish for joint production in the sphere of chemistry and pharmaceutics," Emil Majidov, President of the Export and Investment Promoting Fund of Azerbaijan (AZPROMO) said in the opening ceremony. The names of the companies are not reported.
The Trade and Investment Exporting Agency - KOTRA was founded in 1962. The Agency has 93 branches in 68 different countries worldwide.
Korea is the 13th among the developed countries. The key developed spheres of its economy are the machine building, ship-building, telecommunication and textile. The trade turnover between Azerbaijan and Korea totaled $30.9mln as a result of the 1st quarter of the year.
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