WEEKLY ECONOMIC REVIEW
Within the framework of the Azerbaijani-Korean business-forum between Azerbaijan Fund for Promotion of Export and Investments (AZPROMO) and the Korean Chamber of Commerce and Industry signed a memorandum on Mutual Understanding, Trend reports. In compliance with the document the sides were committed to develop the direct contacts between the business communities of the two countries, which promote expansion of economic cooperation.
The President of Korean agency for promotion and export and investments, Khong Ti Khua in its presentation spoke about economic opportunities of South Korea, perspectives for economic cooperation between the two countries.
Your country becomes of one of dynamically developing country in CIS. Such rapid growth pace, considerable increase of the GDP, rise in the amount of trade and direct foreign investments have been achieved, he underlined. He also noted the attractive spheres for economic cooperation, as energy and information technologies.
The Korean National Oil Company is interested in the purchase of share in the State Oil Company of Azerbaijan (SOCAR) in the project on development of Inam prospect, Rovnag Abdullayev, the head of the SOCAR, told journalists on 11 May, Trend reports.
According to Abdullayev, talks on the issue were held and a memorandum on mutual understanding was signed. Data on the project was given to the Korean side.
Operator of Inam project is BP, which possesses 25% stake. SOCAR has only 50%-stake in the project and RD Shell 25%.
However, Azerbaijan is still hopeful that it can be attractive for investing in the non-oil sector. The Azerbaijani government holds a policy of open doors in respect to foreign countries and is ready to render every assistance to Korean entrepreneurs who are eager to invest in Azerbaijani economy. In his opinion the participation in the regional projects, as well as investing in the non-oil sector, can be reasonable for the Korean entrepreneurs.
The visit of the Korean businessman to Azerbaijan once more showed that it is one of dynamically developing country in CIS. Such rapid growth pace, considerable increase of the GDP, rise in the amount of trade and direct foreign investments have been achieved. Especially, energy and information technologies seem for attractive for investing.