Korea Provides $2M Grant To Azerbaijan To Develop Innovations
Date
7/21/2022 5:16:46 AM
(MENAFN- AzerNews)
By Ayya Lmahamad
Azerbaijan's Digital Development and transport Ministry and
Korea's International Cooperation Agency (KOICA) signed a grant
agreement to support the development of innovation policy in
Azerbaijan, Azernews reports.
The agreement was signed by Digital Development and Transport
Minister Rashad Nabiyev and KOICA's Director of Azerbaijan office
Moon Jong Hyun.
The concept behind the $2 million grant project is to prepare a
strategic roadmap for innovation, in order to increase the
efficiency of innovation policy in Azerbaijan. The project provides
for the KOICA expert group to make suggestions and recommendations
through research on improving institutional capacity and the
development of the innovation and startup ecosystem.
Moreover, the project, using the experience of South Korea, one
of the leading countries in the development of the innovation
ecosystem, will contribute to investing in the field of innovation
in Azerbaijan.
Earlier this week, the two countries discussed issues of
expanding bilateral cooperation in the investment sector. The
discussion occurred during a meeting between representatives of
Azerbaijan's Export and Investment Promotion Agency, Korea's Trade
and Investment Promotion Agency (KOTRA), and the Korean Lemon Metal
company. During the meeting, Lemon Metal company representatives
have expressed their interest in investing in the production of
aluminum products in Azerbaijan.
Diplomatic relations between the Republic of Azerbaijan and the
Republic of Korea were established on March 23, 1992. The embassy
of Korea in Azerbaijan was opened on March 4, 2006, whereas the
embassy of Azerbaijan in Korea was established on March 14,
2007.
Azerbaijan and Korea are cooperating in various spheres. In
total, around sixty-seven documents were signed between the two
countries.
Korean companies successfully operate in various economic
spheres in Azerbaijan and they played a role in the modern
architectural image of Baku as well as in the implementation of
major industrial infrastructure projects.
The trade turnover between the two countries amounted to $227.6
million in 2021.
--
Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @AyyaLmahamad
Follow us on Twitter
@AzerNewsAz
- Tags:
- Azerbaijan
- Innovation
- Korea
- Digital Development and Transport Ministry
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