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June 24, 2015

The Korea Post: a series of materials about Uzbekistan

Korea_PostThe authoritative journal The Korea Post published a series of articles devoted to the modern development of Uzbekistan and the Uzbek-South Korean relations.

In particular, in an article entitled “2015 – Year of attention and care for the senior generation in Uzbekistan”, provides information on efforts in the country large-scale measures for the social protection of the representatives of the elderly.

It is noted that on the initiative of President Islam Karimov in Uzbekistan in 2015 declared “Year of attention and care for the senior generation”. As part of the adoption of the relevant State Program is consistently working on the development of the social sphere, targeting the protection of the elderly living alone, pensioners and people with disabilities, low-income families.

“The country is home to over 2.8 million people over 60 years, 225 thousand people over 80 years-old, 44 thousand – older than 90 years and 8.7 thousand – 100-year-old people, – informs magazine. – Among them – the 3109 participants of the Second World War, and 69994 veterans of the labor front. Start of new social initiatives in this area have contributed to the presidential decree “On measures to further strengthen the social support of veterans of war and labor front 1941-1945″.

According to the document, more than 10 thousand veterans of war and labor front have been revived in sanatorium-healthcare institutions at the expense of the state budget. In addition to this in sanatoriums for free and on a preferential basis to improve their health 6000 working pensioners, labor veterans, pensioners and unemployed workers from among the parents. For these purposes it is allocated 5 billion soum”.

The Korea Post praised the role of non-governmental organizations and social structures, such as the Fund “Nuroniy” and the Council of Federation of Trade Unions, in the financial and moral support for veterans and seniors. It is reported that people in need of constant care, system of boarding houses “Sahovat” and “Muruvvat”, as well as rest houses.

The second material called “Business attractiveness of Uzbekistan”. It is noted that from the first days of independence, the republic held systematic work to create a favorable investment climate, attracting advanced technologies and foreign investments into the national economy.

“Thanks to the measures taken, but in 2014 the volume of foreign direct investment exceeded 4.5 billion USD, – the publication informs. – Today in the republic are operating many large firms and companies. Among them are world-famous corporations such as General Motors, MAN, Knauf, Itochu, Rieter, Klaas, Nestle, Coca-Cola, Kogaz, Sasol, Ariston, CNPC, Indorama, “Gazprom”, Lukoil, LG, Lotte, Sumitomo, Korea Telecom and others. Together with them implemented investment projects and shove production capacity, producing demand on the world market products with high added value”.

As a successful example of mutually beneficial cooperation between Uzbekistan and foreign partners The Korea Post indicates the establishment of production of cars and engines, together with the corporation General Motors, the construction of Ustyurt gas-chemical complex for processing gas with the assistance of the South Korean business entities, the construction of the plant in Kashkadarya region to produce synthetic liquid fuel using GTL technology and other projects.

It is emphasized that a favorable geographic position and rich natural resources, political stability, high economic growth and infrastructure development are the main factors that attract foreign investors in Uzbekistan.

The article “Expanding the horizons of cooperation with South Korea in the oil industry of Uzbekistan” reported that Uzbekistan subsoil contains huge reserves of hydrocarbon resources. In particular, oil and gas fields, 211 hydrocarbon fields located in the five regions of the country. Also 108 deposits of gas and gas condensate and 103 underground storage of gas condensate and oil have been discovered. More than 50% of deposits are in operation, 35% prepared for development, others are under exploration.

“The investment program of Uzbekistan for 2015 included 31 projects in the field of oil and gas with a total value of 23 billion USD. – the South Korean magazine reports. – In addition, with the assistance of foreign experts are working on the introduction of advanced technology drilling techniques and seismic conditions of the transition zone, shallow waters and mountainous terrain. National fleet of drilling equipment upgraded by purchasing new plants, which significantly increased the commercial drilling speed and reduce cost for businesses by reducing the time required for the construction of wells”.

According to The Korea Post, for the period from 2006 to 2014 the total volume of direct investments aimed at developing the oil and gas industry of Uzbekistan amounted to about 3.1 billion USD. The article noted that South Korean companies are showing great interest in the development and implementation of joint projects in the oil and gas industry of Uzbekistan.

In particular, Ustyurt Gas Chemical Complex has been constructed with participation of Korea Gas Corporation (KOGAS), consortium of companies Lotte Chemical and STX Energy at Surgil deposit. This industrial giant, awarded several international awards as an important and ambitious project, designed to process 4.5 billion cubic meters of gas per year.

“Companies are going to use South Korea established in Uzbekistan of a favorable business environment to expand its presence in this country to invest in the petrochemical industry, to buy stakes in large companies”, – The Korea Post sums up.