Azerbaijan Emerges as New Spot for South Korean Builders

With undeniable advantages in rich natural resources and clear signs of an economic upturn, Azerbaijan is giving chances to local contractors to satisfy their greater appetite for more orders by offering tax incentives and administrative support.

South Korean builders have won $260 million worth in contracts from road to plant projects in the country so far this year, according to data from the Ministry of Construction and Transportation. Before that, for the past 10 years, only one contract was received by Korea there.

"The local players who have rich experience in constructing bridges, hotels, pipelines for delivering natural gas and other residential complexes are shifting their eyes to countries which have much oil but are still underdeveloped", an official from the ministry said.

"Talk of more orders is now underway", the official added without elaborating.

On Thursday, Azerbaijan’s economic development ministry said the country has signed with Italy to export natural gas to Europe via Turkey, opening additional markets for the country’s natural gas and securing independent export routes for other countries of the Caspian region.

/The Korea Times/