South Korea and Azerbaijan agreed on Tuesday to expand bilateral economic cooperation in the infrastructure and industrial plant sectors, the trade ministry here said.
The two sides held the first round of economic talks in Seoul to discuss ways to bolster trade and investment and help more South Korean firms participate in infrastructure projects in the Central Asian country, according to South Korea's Ministry of Trade, Industry and Infrastructure. Azerbaijan, located along the Caspian Sea, is known for its rich natural resources including crude oil and natural gas.
The country is working on projects to establish an intelligent transportation system between its capital Baku and the northern seaside town of Sumgait, to build three subway lines in the capital city, and to construct a transnational express highway, according to South Korea's (Yonhap) News Agency.
"We expect that South Korea's advanced industrial plant technology and Azerbaijan's abundant resources will create higher value-added products," Vice Trade Minister Woo Tae-hee said. The trade ministry said it will send a team to Baku in September to review the details of the plans