Azerbaijan Industrial Corporation OJSC and Korean companies sign memorandum

Azerbaijan Industrial Corporation OJSC regularly holds meetings with foreign companies, especially investors, to develop the value chain in its fields of activity, producing competitive products, diversifying the portfolio, and working towards the establishment of new cooperation, Azernews reports.

The KOTRA Baku Office promotes trade relations between Azerbaijan and the Korean Republic and supports direct investment by Korean companies in Azerbaijan. In this direction, with the support of the Baku Office of the Korea Trade and Investment Promotion Agency (KOTRA), the Institute for Advanced Engineering of the Republic of Korea, and Lemon Metal Inc., the company entered the Azerbaijani market. As a result of this cooperation, a meeting was held between the management team of Azerbaijan Industrial Corporation OJSC, its subsidiary Azeraluminium LLC, and the Korean Institute for Advanced Engineering and Lemon Metal Inc. During the meeting, both sides provided detailed information about the institutions they represent and discussed the prospects of cooperation on the development of the aluminium industry and the implementation of joint projects.

At the meeting, a Memorandum of Understanding was signed between Azeraluminum LLC and the Institute for Advanced Engineering covering the production of aluminium alloys, the creation of research centres, and other areas of cooperation.

It should be noted that the Institute for Advanced Engineering is one of the important organisations in Korea that conducts scientific research on production technologies. Lemon Metal Inc. specialises in the production of aluminium materials, mainly special types of aluminium alloys. The company is a part of Nedec Co.Ltd and provides products at a global level to the automotive, energy, telecommunications, and information technology industries.

At the end of the meeting, it was agreed that on November 14, 2023, the delegation would visit the Ganja Aluminium Complex located in the city of Ganja and get acquainted with the production process.