Prime Minister
Han Seung-soo |
By Na Jeong-ju
Staff Reporter
South Korean firms have signed contracts worth $530 million in Azerbaijan, the last stop of Prime Minister Han Seung-soo's visit to Central Asian nations and East Europe, officials said Monday.
Han paid a courtesy visit to Azerbaijan's President Ilham Aliyev and asked the country to open the door wider for Korean firms to accelerate its economic development.
On the sidelines of the meeting, executives of South Korean firms accompanying Han signed contracts to build railroads, shipyards and other social and industrial infrastructure and develop natural resources.
``Azerbaijan is currently undertaking various projects to enhance infrastructure on orders from President Aliyev,'' an official from the Ministry of Knowledge and Economy said. ``Han's visit is expected to pave the way for South Korean firms to obtain more business opportunities and form stronger ties with the East European nation.''
With Han and ranking Azerbaijan officials on hand, Kolon and Azersun, Azerbaijan's largest private company, held a signing ceremony for their joint $270 million project to build a business and resort complex called ``Dream Island.''
Korea Land Corp. also signed a $33 million deal to participate in a project to build a government complex, while SKC&C, Daewoo International and other Korean firms also signed contracts to begin business projects in Azerbaijan.
In the area of energy development, Korea National Oil Corp. struck a deal with Azerbaijan's state-owned oil firms to develop oil fields. Over the next three years, the two countries will spend 1 billion won to conduct joint exploration of the Caucasus area, which has large reserves of gold, silver, lead and other metals, an official said.
Han returns home today, after winding up his 10-day trip.
Han visited Uzbekistan, Kazakhstan, Turkmenistan and Azerbaijan, where he held talks with ranking government officials to find ways to promote economic cooperation. Seoul hopes to have more opportunities in the development of oil and gas fields and exploration of mineral resources in the countries.
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