ASSA-Irada,
19, May 2008

Korean Trade-Investment Promotion Agency KOTRA opened its representation in Azerbaijan on Monday.

Min Kyung Sun, the company's executive Vice-President for Overseas Investment and Information Services, told the opening ceremony that this would allow to deepen economic and trade relations between the two countries that have been cooperating for many years.

Sun noted that Azerbaijan possesses vast energy resources and suitable location, and serves as a transit area linking the East and West. He said that in addition to economic relations, his country could cooperate with other states by means of Azerbaijan.

Sun said KOTRA intended to implement a number of programs and provide services to facilitate forging ties between Korean and Azeri companies. The organization could assist in establishing partnership relations between Azeri entrepreneurs and Korean companies and evaluating the competitiveness of Korean goods in the domestic market. It could also provide all-rounded assistance to Azeri businessmen willing to participate in various exhibitions held in Korea.

Then speaking Korean deputy minister of economics said his country ranks 13th in the world for economic growth, which clearly indicates its vast economic potential. He said Korea has always highly valued its cooperation with Azerbaijan, citing favorable conditions for further expansion of bilateral relations.

President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), Emil Majidov, said consistent steps were being taken to improve the business climate in the country. He said his organization stood ready to assist Korean companies.

Majidov recalled that Azerbaijan's Chamber of Commerce and Industry and KOTRA had signed an agreement on support to business cooperation and entrepreneurship in 1997. However, collaboration on a proper level started only in 2006.

"KOTRA's launching a representation here opens a new page in our cooperation," the AZPROMO head added.

State-run KOTRA was founded in 1962. The organization has been committed to promoting mutual prosperity between Korea and its trading partners by facilitating international commerce and investment. The experts in its Korea Trade Centers worldwide help Korean exporters meet local requirements and provide personal services to foreign investors considering a location in Korea. KOTRA operates 93 subsidiaries in 63 countries.

The Azeri-Korean trade tunrover made up $465 million in 2007. Crude oil accounted for 99.7% of Azerbaijan's exports, while about half of Korea's exports was made up by cars.