Uzbekistan, South Korea ink co-op agreements
By Aynur Jafarova
Uzbekistan and South Korea have signed several cooperation agreements to implement a number of projects worth $2.4 billion.
The relevant documents are the results of the Uzbek-Korean business forum in Tashkent.
The concluded documents include memorandums of understanding and cooperation in textile and light industry, on the construction of test solar photovoltaic station, on the establishment of the innovative textile technology center in Tashkent, expansion and modernization of existing production at "DAEWOO Textil Fergana" and "DAEWOO Textil Buhara", on organizing the production of plastic products and on the establishment of a joint venture for the development of information systems and software products.
Also, the participants signed an agreement on the implementation of a number of joint investment projects in textile and light industry, an agreement on undertaking field verification work within the project on the development of Sautbay tungsten field and a general agreement on the establishment of Inha University in Tashkent.
The business forum was held within the framework of South Korean President Park Geun-hye's visit to Uzbekistan.
The forum was attended by the business community of both countries, including about 300 representatives of large companies in South Korea.
South Korea is one of the largest investment partners of Uzbekistan. The total volume of South Korean investments made in the economy of Uzbekistan since 1991 exceeded $6 billion.
To date, Uzbekistan and South Korea have signed over 300 bilateral documents. The trade turnover between the two countries amounted to $2.12 billion in 2013. The total amount of investments attracted from South Korea in the Uzbek economy in the independence years exceeded $6 billion. Currently, some 412 enterprises with South Korean investments operate in Uzbekistan.