Tashkent, Uzbekistan (UzDaily.com) -- On 7 July 2020, the Deputy Prime Minister and Minister of Investments and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov discussed with the Chairman of the Korean-Uzbek Business Association (KUBA) under the Ministry of Trade, Industry and Energy of the Republic of Korea Kim Yong Gu questions intensification of interaction between business communities of the two countries.

The Korean-Uzbek business association under the Ministry of Industry, Trade and Energy of the Republic of Korea was founded in April 2020 on the basis of the Korean-Uzbek business center in Incheon in order to create a platform for economic development of Uzbekistan and Korea by expanding trade and enhancing exchanges between the two countries. The board includes 6 honorary advisers and 8 directors representing various areas of the Korean economy.

The meeting was also attended by members of the KUBA Board of Directors - heads of leading Korean companies such as Evergreen Motors, Englishunt, BT&I, Hanshin E&C, as well as the head of the Korea International University in Ferghana (KIUF).

The leadership of the Association noted the increasing interest of Korean companies in doing business in Uzbekistan due to the ongoing socio-economic reforms in the country and the improving investment climate.

During the meeting, Korean entrepreneurs spoke about the initiatives being implemented in Uzbekistan, and also shared plans for the near future.

Also, within the framework of the dialogue, measures were discussed to provide targeted assistance in the implementation of specific projects in the areas of construction and development of urban infrastructure, healthcare, higher and vocational education, and tourism.

With a view to practical elaboration of the relevant areas of cooperation and negotiations with the relevant ministries and departments, the prospects of organizing a visit by the leadership of individual Korean companies to Uzbekistan were discussed.

Following the meeting, it was agreed to open an official representative office of KUBA in the city of Fergana, which will enhance further contacts between business representatives of the two countries and increase the number of projects implemented with the attraction of Korean investment.