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(LEAD) S. Korea, Azerbaijan agree to expand economic cooperation

All News 14:23 June 14, 2016

(ATTN: CLARIFIES 5th para; CHANGES photo)

SEJONG, June 14 (Yonhap) -- South Korea and Azerbaijan agreed on Tuesday to expand bilateral economic cooperation in the infrastructure and industrial plant sectors, the trade ministry here said.

The two sides held the first round of economic talks in Seoul to discuss ways to bolster trade and investment and help more South Korean firms participate in infrastructure projects in the Central Asian country, according to the Ministry of Trade, Industry and Infrastructure.

Azerbaijan, located along the Caspian Sea, is known for its rich natural resources including crude oil and natural gas.

The country is working on projects to establish an intelligent transportation system between its capital Baku and the northern seaside town of Sumgait, to build three subway lines in the capital city, and to construct a transnational express highway.

"We expect that South Korea's advanced industrial plant technology and Azerbaijan's abundant resources will create higher value-added products," said Vice Trade Minister Woo Tae-hee.

The trade ministry said it will send a team to Baku in September to review the details of the plans.

brk@yna.co.kr
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