The two sides held high-level 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.
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 expand its infrastructure, such as roads and railways.
During a meeting with South Korean Deputy Finance Minister Ko Hyung-kwon, Azerbaijan's Deputy Finance Minister Emin Huseynov urged South Korean companies to join his country's efforts to expand infrastructure.
Ko responded by saying that the Azerbaijani government should play a key role in wooing South Korean companies to the nation.