South Korean Ambassador : Oil prices decline affected trade relations with Azerbaijan

Baku. 16 November. REPORT.AZ/ South Korea worried about the impact of falling oil prices on the economic relations with Azerbaijan, as it affected the fall of commodity turnover between the two countries. Report informs, South Korean Ambassador to Azerbaijan Kim Chang-gyu told reporters Wednesday.

"Before decline of oil prices trade relations between Azerbaijan and Korea were at a high level. Thus, trade turnover between our countries has significantly reduced. In particular, in 2015 the trade turnover amounted to nearly 130 mln USD, which is less by 40% turnover in 2014", ambassador said. According to him, the fall in oil prices has caused instability in the Azerbaijani-Korean economic relations, that is worrying.

Korean diplomat stressed that the for development and deepening of trade relations between the two countries there is a great potential.

"We believe that Korean companies need to invest more in various sectors of the Azerbaijani economy in order to support the diversification of the Azerbaijani economy," said Kim Chang-gyu.

Head of the diplomatic mission pointed out that today the volume of Korean investments in Azerbaijan's economy amounted to 50 mln USD.

"This is not enough, and we look forward to greater contributions. Azerbaijan is pursuing a policy of diversification of its economy, in what South Korea gives its support", he said.

The Ambassador stressed that South Korea intends to invest heavily in the health sector, infrastructure, chemicals, ICT and tourism.

"In particular, thanks to the Korean experience in the health sector medicine in Azerbaijan could reach a new level", the diplomat added.