The economic development model of the Republic of Korea is a model for solving problems arising during economic crises, and this experience will help Azerbaijan in solving various economic issues, said Vusal Gasimli, Executive Director of the Azerbaijani Center for Analysis of Economic Reforms and Communication.

He was speaking at an international conference titled “Solving Problem Loans: Experience of Azerbaijan and Republic of Korea” organized by the Center for Economic Reforms and Communications and the South Korean Embassy in Azerbaijan in cooperation with the Korea Development Institute.

Gasimli said that the it the main cause of such an intensive development of the Korean economy lies in the sphere of education and noted that science and education are important factors in economic development.

He also stated that Azerbaijan, in turn, pays attention to human capital, which is crucial for successful economic development in the country.

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Gasimli noted that the exchange of experience with developed countries particularly with the Republic of Korea, a member of the G-20, is extremely important for Azerbaijan at this stage of the country’s intensive development.

He added that solving the issue of problem loans will strengthen the development of the banking sector within the framework of economic reforms in Azerbaijan.