Today.Az » Business » Azerbaijan, Korea discuss joint initiatives in SMBs sphere
05 August 2022 [10:23] - Today.Az
By Ayya Lmahamad
Azerbaijan and Korea have discussed possible joint initiatives in the small and medium-sized businesses (SMBs) sector, Azernews reports.
The discussion took place during a meeting between Azerbaijan's Small and Medium Business Development Agency Board Chairman Orkhan Mammadov and Korea International Cooperation Agency Director of the Azerbaijani office Moon Jong-Hyun.
During the meeting, Orkhan Mammadov also briefed the Korean side on the agency's activities.
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 sectors 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.