Economic Relations between the Republic of Azerbaijan and the
Republic of Korea
On May 23, 1992 diplomatic relations between the two
countries were established. In 1997 an Agreement on Business
Cooperation and Business Promotion was signed between the Chamber of
Commerce and Industry of the Republic of Azerbaijan and Korea Trade
– Investment Promotion Agency (KOTRA).
Beginning from 1998, Korea International Cooperation Agency (KOICA)
has been organizing training courses for Azerbaijani experts working
in various spheres.
In May, 2000 a Korean delegations consisting of business people
visited Baku . As a result of the visit, KOTRA decided to work on
investment projects for Azerbaijan directing the companies
associated with the Agency and interested in investing in Azerbaijan
on a joint venture basis
On May 15, 2000 a meeting between business people of the Republic of
Azerbaijan and the Republic of Korea was held in Baku .
On November 17-19, 2005 a Korean delegation headed by Kim Tae Yoo,
Ambassador at Large of the Ministry of Foreign Affairs and Trade of
the Republic of Korea visited Baku. During the visit an intention of
exploring the Inam, Sharg and Alov oil fields of Azerbaijan and
acquiring a share in these fields by Korea National Oil Corporation
was expressed by the Korean delegation and consequent meetings were
held with A. Asadov, assistant on economic affairs of the President
of the Republic of Azerbaijan and N. Aliyev, president of State Oil
Company of the Republic of Azerbaijan.
On November 29-30, 2005 E. Mammadyarov, Minister of Foreign Affairs
of the Republic of Azerbaijan visited the Republic of Korea . On May
10-12, 2006, Roh Moo-hyun, President of the Republic of Korea was on
an official visit in the Republic of Azerbaijan . Several official
meetings were held and documents were signed during the visit. A
Commission on Economic Cooperation is active between the Republic of
Azerbaijan and the Republic of Korea . The first meeting of the
commission was held in Baku on August 27 - September 2, 2006 and a
Protocol was signed at the end of the meeting.
On February 14-17, 2007, a delegation of KOICA visited Azerbaijan
and during the visit several assistance programs were presented by
the Korean delegation at the Ministry of Communication and
Information Technologies on 15 February, 2007, with the
participation of representatives of various government bodies of the
Republic of Azerbaijan .
On March 12, 2007, a meeting was held between R. Jamshidov,
Ambassador Extraordinary and Plenipotentiary of the Republic of
Azerbaijan in the Republic of Korea and Lee Jae Hoon, vice-minister
of the Ministry of Commerce, Industry and Energy of the Republic of
Korea .
On April 23-25, 2007, Ilham Aliyev, President of the Republic of
Azerbaijan was on a state visit in Korea . Several official meetings
were held during the visit and important documents were signed.
On August 26-29, 2007, the second meeting of the Economic Commission
between the Republic of Azerbaijan and the Republic Korea was held
in Baku Several big companies of the Republic of Korea including
Hyundai, Samsung, LG, Daewoo, GS, STX are currently active in
Azerbaijan .
Trade Relations between Azerbaijan and Korea
Trade Relations between Azerbaijan and Korea (unit: thousand
USD)
Year
Trade Volume
Import
Export
Balance
2002
7286,6
7286,1
0,5
-7285,6
2003
16926,2
15960,7
965,5
-14995,2
2004
27911
24125,4
3785,6
-20339,9
2005
42120,3
41631,8
488,5
-41143,3
2006
115286,2
46932,6
68353,6
21421,0
Source: State
Statistics Committee of the Republic of Azerbaijan
Goods imported to and exported from Azerbaijan
Year
Import
Export
2004
Sacks and bags, washing machines, TV sets, trucks, lighters,
calculators and so on.
Light spirits, unprocessed aluminum , spare parts
constructions machines
2005
Polyethylene, bags, pumps, air conditioners, elevators,
video and TV sets, cameras, bicycles, automobiles, lighting
equipment, toys and so on.
Unprocessed aluminum
2006
Elevators, excavators, synthetic thread, magnet tape,
automobiles, automobiles for special purposes, video and TV
sets, air conditioners, cameras, pumps and so on.
Crude oil, organic matters, unprocessed aluminum
Source: State
Statistics Committee of the Republic of Azerbaijan
Embassy of The Republic of Azerbaijan to the Republic of Korea