Korea assists Azerbaijan in creating data base on aid coordination

Baku held a workshop organized by the Azerbaijani Ministry of Economic Development and Korea Expert Consulting Group (KECG), as well as the Korea Ministry of Finance and Strategy and the Korea Development Research Institute on the topic "Creating and using an electronic database on aid coordination and "Improving the business".

The research in this area was started in September 2010. It was conducted by KECG and supported by the Korea Ministry of Finance and Strategy and the Korea Development Institute at the request of the Azerbaijani Ministry of Economic Development.

"The two countries have sufficient prospects for developing cooperation," KECG's office director Kyung Soon Song said. South Korea could move from the category of the countries with developing economy to the category of the countries with developed economy. Azerbaijan can use our experience. We see that the Azerbaijani Ministry of Economic Development is interested in this cooperation.".

"This workshop was aimed at familiarizing with the primary models to create an electronic database, the current situation in the business sphere, and new organizational and economic models, such as special economic zones, industrial towns and parks," the head of the department for aid coordination and external investments of the Ministry Sahil Babayev said.

According to the proposal of the Korea side, all the information about the loans and donors of Azerbaijan will be entered into one database. This will reveal all gaps and shortcomings while using these tools to analyze and improve the work in this sphere."

Azerbaijani Deputy Minister of Economic Development Niyazi Safarov said that a priority for Azerbaijan is to develop international cooperation. At present, Azerbaijan has been cooperating with approximately 140 countries. Exchanging of knowledge and experience with Korea is significant for the country.

The ambassador of South Korea in Azerbaijan Lee Chi-han said that Korea has invested $8.25 million in socio-economic development of Azerbaijan since opening of the Korean embassy in the country. The grants for feasibility studies and training amounted to $10.9 million and credit - $65,5 million.


/Trend/