Korea and Azerbaijan, which enjoy huge potential for development of the bilateral relations, intend to develop cooperation in technology sphere.

This was announced by Korean Ambassador to Baku Kim Chang-gyu at the ceremony of launching the integrated trade, post-trade and surveillance system on the Azerbaijani Capital Markets in Baku on February 17.

The ambassador noted that the launch of the system jointly developed with the Korea Stock Exchange will allow the two countries to develop cooperation in the sphere of information technologies.

“I believe that the system will play an important role in both development of bond market and Azerbaijan's capital market as a whole. The system will also allow develop relations between the two countries in ICT and business,” he said.

Yoon Sang Kyoon, a representative of the Korean Stock Exchange, in turn, noted that the system was developed in the framework of improving Azerbaijan's capital markets, and the bond market requirements were taken into account during its creation.

“We continue our cooperation in this sphere and will contribute to the development business ties between the two countries. Moreover, we are going to continue training for the further development and improvement of Azerbaijan’s capital market,” he said.

The State Committee for Securities signed the agreement with Korea Exchange for supply and installation of the information subsystem for supervision over trade, post trade and security market in 2015. The contract value amounted to $ 5.5 million.

Azerbaijan and Korea has 24-year-old diplomatic relations. The trade turnover between the two sides hit $260 million in 2014.

About 20 Korean companies are doing business in Azerbaijan. In general, almost 4,000 people from Azerbaijan and Korea on average enjoy business cooperation on a yearly basis.