Uzbekistan and South Korea expand the scope of cooperation

    Investments 26 March 2024 3166

    On March 25 of this year, the Ministry of Investment, Industry and Trade held a meeting with the Deputy Minister of Foreign Affairs of the Republic of Korea, Chong Byung Won, dedicated to topical issues of bilateral economic partnership in various areas of mutual interest.

    The achieved indicators of breakthrough growth of trade and investment cooperation are emphasized. Trade turnover doubled from $1.3 billion in 2017 to $2.3 billion in 2023. In the first two months of this year, the volume of bilateral trade increased by 20% compared to the same figures last year. Over the past five years, the number of enterprises with Korean capital in Uzbekistan has doubled to 983 units, of which more than half - 605 - are based on 100% foreign capital. The need to continue work on increasing the volume of mutual trade was emphasized.

    During the conversation, in the light of the special strategic partnership between the two countries, measures for the timely implementation of agreements at the highest level and the expansion of investment cooperation were discussed. In this context, the Korean side confirmed the readiness of the Korean Government to increase financial and technical assistance for the implementation of socially important projects and to jointly implement major investment projects in Uzbekistan in the fields of metallurgy, production of electrical products and infrastructure development.

    In a separate order, the prospects for strengthening direct ties between representatives of the business circles of Uzbekistan and South Korea are analyzed. Mechanisms have been agreed upon for the elaboration and holding of interregional forums, during which business representatives will be able to discuss joint opportunities, conclude agreements and contracts.

    As a result of the conversation, an agreement was reached on the development of a joint "roadmap" for increasing and diversifying mutual trade, as well as attracting large Korean companies to implement promising investment projects in our country, the MIPT press service reports.