Uzbekistan, Korea boost investment cooperation talks

Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev received a delegation from the Republic of Korea led by Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol in Samarkand, as part of the Asian Development Bank Board of Governors meeting events.

The sides discussed further strengthening the special strategic partnership and expanding multifaceted cooperation. The South Korean delegation conveyed greetings and best wishes from President Lee Jae Myung to the Uzbek leader. Participants in the meeting noted with satisfaction the outcomes of previous talks between the two leaders held in New York.

During the discussion, it was emphasized that bilateral relations continue to develop steadily, based on longstanding ties of friendship and shared traditions and values. Particular attention was given to expanding trade, economic, and investment cooperation.

According to the data presented, trade turnover between the two countries has increased by 12 percent since the beginning of the year. Around 1,000 joint ventures operate in Uzbekistan, while total South Korean investments have exceeded $8 billion. The possibility of establishing a special industrial zone for Korean companies is also under consideration.

The implementation of joint projects involving the Export-Import Bank of Korea and its funds, with a total portfolio exceeding $2 billion, was highly praised. These projects include the construction of a multidisciplinary clinic, a chemical center, and a pharmaceutical park.

It was also noted that the first train produced by Hyundai Rotem has begun operating on the Tashkent–Khiva route.

The President of Uzbekistan advocated the formation of a new package of investment projects in priority areas and called for stronger interregional cooperation. Interest was also expressed in South Korea’s support for the digitalization of Uzbekistan’s public financial management system.

The parties stressed the importance of preparations for upcoming high-level events, including the Central Asia–Korea summit scheduled to take place this autumn in Seoul.