The fifth session of Intergovernmental Commission on trade and economic cooperation between Uzbekistan and Republic of Korea was held in Tashkent, Uzbek capital city, on 7 May.

Representatives of ministries and departments, companies engaged in oil and gas, banking and finance, transport and light industry attended the meeting.

Elyor Ganiev, Minister of Foreign Economic Relations, Investment and Trade of Uzbekistan, said the Republic of Korea is one of the reliable partners of Uzbekistan. He noted that the agreements between leaders of two states serve for gradual development of relations.

Cho Te-yol [transliterated], Deputy Foreign Affairs and Trade Minister, said the cooperation between counties, based on friendship and mutual respect, are gradually developing in politicasl, trade-economic, social-cultural and other spheres.

Korean official said that the countries signed joint declaration on strategic partnership in March 2006 and the main of the current meeting is to review opportunities on further expansion of cooperation between states in trade-economic, social-cultural, humanitarian, educational and other spheres, which meets principles of strategic partnership.

At the session, the sides considered expansion of the bilateral trade turnover and number of joint ventures, broaden and strengthen cooperation in oil and gas, energy, textile, natural and labour resources and education. The sides exchanged opinion on development and realization of joint projects.

Bilateral trade turnover between Uzbekistan and South Korea made up US$600 million in 2006 and US$151.3 million in the first quarter of 2007.

Over 200 joint ventures with South Korean capital operate in Uzbekistan. They work in such sectors as machinery, trade, food and light industry, metal processing, healthcare, tourism and services. Representative offices of over 60 South Korean companies accredited in Uzbekistan.