Korean companies ready to invest in Azerbaijan

Korean companies are ready to cooperate in building petrochemical plants in Azerbaijan, Korea’s Extraordinary and Plenipotentiary Ambassador to Azerbaijan Kim Chang-gyu said during his meeting with a delegation led by the President of the Caspian Energy International Media Group, Natalya Aliyeva.

Kim Chang-gyu said that the Korean industry is very competitive in petrochemistry. “We do not produce any oil or gas in our country, but we are producing a huge amount of petrochemical products and export them to foreign countries. Actually, petrochemical products are number one export products of our country. So, we can cooperate in this area,” Kim Chang-gyu stressed.

Currently, the Korean company is building a fertilizer plant in Sumgait, he recalled.

“Korea is a very advanced country in each of the industrial areas. We are strong in petrochemistry, manufacture, high technology, ICT, medical service," he said.

"Since the Government of Azerbaijan is committed to diversifying and improving the national economy, we are ready to share our experience and our technology,” Trend cited Kim Chang-gyu as saying.

The ambassador believes that in order to attract Korean investments in Azerbaijan, “the Government of Azerbaijan should provide more incentives to the Korean companies in terms of tax, customs clearance and administrative procedures”.