Uzbekistan and South Korea are expanding the scope of cooperation

On March 25 of this year, a meeting was held at the Ministry of Investment, Industry and Trade with the Deputy Minister of Foreign Affairs of the Republic of Korea, Chung Byung Won, dedicated to current issues of bilateral economic partnership in various areas of mutual interest. This was reported by the PR center of MIIT.

The achieved indicators of breakthrough growth in trade and investment cooperation were 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 period 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 to increase the volume of mutual trade was emphasized.

During the conversation, in the light of the special strategic partnership of the two countries, measures were discussed for the timely implementation of agreements at the highest level and the expansion of investment cooperation. 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 large investment projects in Uzbekistan in the fields of metallurgy, production of electrical products and infrastructure development.

The prospects for strengthening direct ties between representatives of the business circles of Uzbekistan and South Korea were analyzed separately. Mechanisms for developing and holding interregional forums have been agreed upon, 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 to develop a joint roadmap to increase and diversify mutual trade, as well as attract large Korean companies to implement promising investment projects in our country.