(MENAFN- AzerNews)
By Leman Mammadova
Given South Korea's advanced experience in high technologies, Azerbaijan's cooperation with South Korea in this direction is beneficial for the country's innovative development.
Kim Tong Op, South Korean Ambassador to Azerbaijan and his adviser Yim Jeanhyuk have visited Azerbaijan Innovation Agency to get acquainted with the Agency's activities.
Tural Karimli, Chairman of Board of the Innovation Agency, briefed on the innovative development and ecosystems in Azerbaijan, the updated activities of the Agency, its projects and international links.
The sides discussed the prospects of cooperation in the field of innovation and high technologies between the two countries, possible interactions and investment opportunities.
Karimli gave information on attraction of foreign startups, projects and investors to Azerbaijan, opportunities and procedures created for them.
Later, the guests got acquainted with the Agency's structure, the laboratory operating here, the Business Incubation and Acceleration Center.
The Innovation Agency's goal is to create a dynamic innovation system in the country that serves to transform ideas into products to get access to the market. Within this process, the main goal is to create conditions for the production and export of innovative and technological products under the 'Made in Azerbaijan brand.
The relations between Azerbaijan and South Korea, established in 1992, became more intensive after the establishment of the Embassy of South Korea in Azerbaijan in 2006 and the Embassy of Azerbaijan in Korea in 2007.
So far, South Korea has invested about $180 million in the Azerbaijani economy, and Azerbaijan has invested $474 million in South Korea. At present, 74 South Korean companies are registered in Azerbaijan that participate as contractors in government projects.
Recently, Azerbaijan and South Korea have signed a framework agreement on grant support that envisages the continuation of joint cooperation on technical assistance and grant support between the two countries.
Presently, the two countries broaden bilateral cooperation almost in all sectors. In this regard, it is important to mention agricultural sector. Azerbaijan studies South Korean experience in supply of agricultural products.
Moreover, cooperation between the countries is expected in solving issues of problem loans and small and medium-sized businesses.
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Leman Mammadova is AzerNews' staff journalist, follow her on Twitter: @leman_888
Follow us on Twitter @AzerNewsAz
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