Dedicated to further strengthening economic cooperation

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February 14, 2018

Dedicated to further strengthening economic cooperation

On February 13, the first Uzbek-South Korean meeting on economic cooperation was held at the International Business Center, in Tashkent.

The event was attended by heads of ministries, departments and companies of the two countries responsible for such spheres as foreign trade, investment, banking and finance, fuel and energy, oil and gas, mechanical engineering, transport and communications, construction, chemical, food, textile industry, agriculture and water management, science and education, information technologies and telecommunications, medicine and tourism.

Prime Minister of the Republic of Uzbekistan Abdulla Aripov, Deputy Prime Minister of the Republic of Korea, Minister of Strategy and Finance of this country Kim Dong-yeon and others emphasized that economic cooperation between our countries is consistently developing.

Uzbekistan and South Korea have a strong friendship, strategic partnership and mutually beneficial cooperation. The Republic of Korea is one of the main investment partners of Uzbekistan, an active participant in implementation in Uzbekistan of large-scale projects aimed at modernizing and restructuring the economy, expanding production of competitive products and increasing exports.

Currently, more than 70 South Korean companies are operating in Uzbekistan. 440 enterprises were opened with participation of South Korean investments. The volume of their production exceeds 5 billion US dollars.

Major investment projects have been implemented in the automotive, electric power, oil and gas, electrical, textile, ICT and other sectors, in cooperation with South Korean partners, in Uzbekistan. Recently, a visa-free regime for citizens of the Republic of Korea has been introduced by the decree of the President of Uzbekistan, which will further strengthen relations between our countries.

Last year, the mutual trade amounted to 1 billion 360 million US dollars, which is 27 percent more than in 2016.

At the meeting, the availability of all opportunities for further increasing this indicator was noted. The state visit of the President Shavkat Mirziyoyev to the Republic of Korea in November last year raised bilateral relations to a qualitatively new level. Now it is necessary to fully realize the agreements reached during the visit to the amount of over $10 billion and to assist representatives of business circles in their implementation.

At the event it was emphasized that the sides are equally interested in filling the Uzbek-South Korean cooperation with new content, enhancing contacts between businessmen and supporting joint projects.

The sides considered the progress of implementation of projects within the framework of the Agreement on loans of the Foundation for Economic Cooperation and Development signed between the governments of the Republic of Uzbekistan and the Republic of Korea for 2018-2020.

At the meeting, issues of creation a Training and practical textile technopark in cooperation with the Korean Institute of Advanced Technologies (KIAT), the Uzbek-South Korean business center, opening of the House of Korean Culture and Art, and others were discussed.

Following the event, a Memorandum of Understanding was signed on establishment of a modern multidisciplinary medical center.