“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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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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