“The business people from the Republic of Korea can make investments in Azerbaijan's economy. However, the Azerbaijan government should provide more incentives for them in terms of tax, customs and administrative procedures. An agreement on free trade zone should be signed,” the Ambassador of Korea to Azerbaijan Kim Chang-gyu said in an interview with the Chief Editor of Caspian Energy International Media Group Natalia Aliyeva.
Among those wavering about opening their plants here, there are such giants as Samsung and Hyundai, not confident in the success of the case due to lack of firm guarantees. Speaking about the prospects of turnover, he said that in Korea the production sphere is sufficiently developed, including petrochemical industry, high technology, ICT, health care, tourism and transport. In all these areas there is room to increase the points of contact.
"Many Korean brands presented herein have offices, but do not have their manufacture. But in the long term, they can open big lines in view of the Caucasian market as a whole (Georgia, Southern Russia and the west of Central Asia). One of the Korean companies is building a factory for the production of mineral fertilizers in Sumgait. We can provide lower prices and better quality for our plants. Korean companies are ready to cooperate in the creation of petrochemical plants in Azerbaijan,” he said.
According to him, negotiations are underway with CJSC Azerbaijan Airlines (AZAL) relative to the direct flight between the two countries. This can be a route through Bishkek, located on a straight line in the direction of Seoul, and a route through the capital of Mongolia, Ulan Bator.
"In 2017, there will be the 25th anniversary of establishment of diplomatic relations between our countries. In connection with that Azerbaijan will be visited by numerous Korean delegations and joint events will be held in cultural, political, scientific and economic areas. It is a good occasion to strengthen our ties,” the Ambassador said. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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