Presidents of Uzbekistan and South Korea take part in business forum

S Korea
Photo credit: UzA

Presidents of Uzbekistan and South Korea Shavkat Mirziyoyev and Yoon Suk Yeol participated in the Uzbekistan – Korea Business Forum on June 14, UzA reports.

From the Korean side, the event was attended by the heads of more than 80 leading companies and banking and financial institutions, such as SK Group, Lotte Corporation, KOGAS, POSCO, Samsung, LG, Hyundai, KIA, Doosan, BoMI, Eximbank, EDCF, Korea Development Bank and many others.

In his speech, the President of Uzbekistan emphasized that the Republic of Korea is traditionally one of Uzbekistan’s primary trade, investment, and technology partners.

They noted with satisfaction the twofold increase in mutual trade, which reached $2.5 billion last year. The volume of Korean investments in the economy of Uzbekistan is $7.5 billion. During the high-level talks today, the leaders agreed to comprehensively support measures to increase trade and investment, introduce flexible mechanisms for financing joint projects, and create favorable conditions for business.

During today’s high-level talks, the leaders agreed to comprehensively support measures to increase trade and investment, introduce flexible mechanisms for financing joint projects, and create favorable conditions for business.

“We agreed to create a new model of partnership in modern conditions. A New Time of High-Tech and Innovation Cooperation is beginning in our relations”, the Leader of Uzbekistan emphasized.

An important decision was made to develop a strategic program covering priority areas to create a regional high-tech hub in Uzbekistan.

This cooperation involves critical raw materials, semiconductors, chemistry, mechanical engineering, smart agriculture, infrastructure and urban development, and green energy.

The President of Uzbekistan noted that in recent years, the Republic of Korea has become a key partner in modernizing Uzbekistan’s economy and industry. Today, large projects worth $5 billion are being implemented with leading Korean companies and banks.

Successful examples include the creation of a textile cluster with POSCO, a multidisciplinary children’s clinic with Eximbank and CNT, silicon mining and processing with Shingdong Enercom, and others.

The leaders welcomed the preparation of a package of new investment projects worth $9.6 billion within the framework of the business forum.

The President of Uzbekistan emphasized the irreversible nature of the reforms being implemented in New Uzbekistan, which aim to liberalize the economy, ensure the rule of law, ensure the inviolability of private property, and protect the rights of investors.

“The potential for cooperation between Uzbekistan and Korea is very high. Our economies can effectively complement each other”, the President noted.

In this context, priority areas for further cooperation were outlined.

First, this is the deep processing of strategic raw materials based on advanced Korean technologies with subsequent export of highly liquid products to third countries.

An essential step in this direction was signing an agreement on joint production of ultra-thin copper foil. Expanding the activities of the Uzbekistan – Korea Scientific and Technological Center for Rare Metals is also envisaged.

As part of the electrical industry partnership, plans have been outlined to create the first cluster of semiconductor products in Central Asia in Tashkent region and enhance cooperation in producing electrical equipment and technical silicon.

Uzbekistan intends to develop a strategic partnership with Korean chemical industry businesses. Support has been expressed for plans to implement projects to produce green hydrogen, ammonia, and rubber products.

In addition, during the current visit, the Center for Chemical Technologies, created with the support of Eximbank and KOICA, was launched.

Korean companies’ vital role in Uzbekistan’s regional leadership in the automotive industry was emphasized. Thus, together with KIA, the production of modern cars was launched in Jizzakh region.

The President of Uzbekistan called on Korean businesses to actively participate in the localization process of new car models and components.

Interest was expressed in developing partnerships for the digitalization of agriculture and the introduction of smart technologies in the agricultural sector.

In this regard, the parties welcomed the start of large-scale projects to create greenhouses and gardens in the country’s regions that operate on renewable energy sources.

Uzbekistan is interested in Korea’s advanced experience in infrastructure development and urban planning. In this context, special attention was paid to the participation of Korean partners in modernizing transport infrastructure based on public-private partnerships.

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