The volume of bilateral trade between Uzbekistan and South Korea reached $ 1.2 billion a year, Deputy Prime Minister of Uzbekistan Sukhrob Kholmuradov said at the Uzbek-Korean business dialogue in Tashkent.
During the dialogue, the sides thoroughly discussed the prospects for expanding mutually beneficial trade and economic cooperation between the two countries.
"We have achieved turnover of $1.2 billion a year, but we can confidently say that we have all the opportunities for a significant increase of these figures," Kholmuradov said.
He stressed that South Korea is rightly considered one of the key partners of Uzbekistan, as well as a friend, an investor and participant in large-scale programs implemented in the republic aimed at structural transformation, modernization of the economy, expansion and production of competitive products, and an increase in exports.
Kholmurodov noted that today more than 70 representative offices of Korean companies operate in Uzbekistan, 440 enterprises with Korean investments operate in almost all sectors of the economy, whose trade volumes exceeded $5 billion.
In turn, Executive Vice President for Business Information and Trade at KOTRA Won Sok Yun, referring to the data of Korean side's statistics, also confirmed that the volume of bilateral trade between the countries is growing and over the year it increased by 35 percent.
"Korea mainly supplies to Uzbekistan automobile parts, machinery and chemical products, while cotton and textiles are imported from Uzbekistan to Korea. Now the most active investments in Uzbekistan are made by Daewoo, Samsung and LG, thanks to a new policy to attract foreign investment," he stressed.
Recently, Korean companies take an active part in the development of the economy of Uzbekistan. In recent years, new areas of partnership have been opened, a number of joint projects are being implemented in the oil and gas industry, energy, education, information technology, engineering, chemical industry and others.
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