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 .
On July 9-10, 2009, the third meeting of the Economic
Commission between the Republic of Azerbaijan and the
Republic Korea was held in Seoul.
In addition to opening representations of KOTRA and KOICA in
Baku, various companies of Korea have established their
branches 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
2007
216,300
91,500
124,800
33,300
2008
859,400
162,600
696,800
534,200
2009
273,120
124,920
148,200
23,800
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
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