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Korea and Azerbaijan discuss measures to expand economic cooperation 2023-06-09

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin led the 3rd Korea-Azerbaijan Joint Economic Committee Meeting on June 7 to review the progress of joint economic projects and seek measures to further expand cooperation across diverse fields such as smart farms, smart cities, healthcare, education, and tourism.

Deputy Trade Minister Jeong requested support from the Azerbaijani government by encouraging Korean companies' involvement in large-scale projects in Azerbaijan, stressing that this will strengthen tangible cooperation between the two countries.

Azerbaijan is home to abundant resources such as oil and gas, and operates the Southern Gas Corridor. With recent surges in global oil prices, it is anticipated that numerous large-scale projects will be executed. In particular, bids for the USD 3 billion natural gas processing plant project and modernization of oil refineries by the State Oil Company of Azerbaijan (SOCAR) are scheduled to open in the second half of 2023. Starting with the Joint Economic Committee meeting, MOTIE plans to provide support to domestic companies’ bid participation.