Uzbekistan, South Korea are discussing trade, economic cooperation
By Abdul Kerimkhanov
The Republic of Korea is well-known throughout the world as a highly developed state with large economic, scientific, technical, innovative and intellectual potential. Being strategic partners, Uzbekistan and South Korea appreciate cooperation based on openness, mutual understanding and respect for interests.
A regular meeting of the Uzbek-South Korean intergovernmental commission on trade and economic cooperation was held in Tashkent.
Deputy Prime Minister of Uzbekistan Elyor Ganiyev and Minister of Trade, Industry and Energy of South Korea Sung Yun Mo attended the meeting of the commission.
Representatives of Uzbekistan and South Korea discussed issues of trade and economic cooperation between the countries. The sides discussed issues of expanding investment cooperation.
The event discussed the preparation for the visit of the President of South Korea Moon Jae-in to Uzbekistan. The parties noted that countries need to enrich cooperation with new content.
The counterparts also considered the implementation of the project under contracts signed between the governments of the two countries. The noted the need for the formation of joint centers that will deal with their effective implementation.
The delegations of Uzbekistan and South Korea discussed the construction of high-speed railways in Uzbekistan, the production of environmentally friendly cars, projects for the creation of tourism infrastructure, a smart city, and the cultivation of export-oriented agricultural products.
As part of the event, the opening of the Tashkent Business Development Center of the Trade Development Agency of the Republic of Korea took place. The center will develop the economy and infrastructure in the country, as well as support business.
Diplomatic relations between Uzbekistan and the Republic of Korea were established on January 29, 1992.
Uzbekistan is the main trading partner of the Republic of Korea among the countries of Central Asia. Uzbekistan accounts for over half of the trade turnover of the Republic of Korea with the states of the region.
There are representative offices of more than 70 South Korean companies in Uzbekistan, over 630 enterprises with South Korean investments. In 2018, more than 150 enterprises with South Korean investments were formed.
The main areas of their activity are oil and gas, petrochemical and chemical, mining, engineering, electrical engineering, textile, information and communication technologies, transport and logistics, tourism, production of building materials, as well as processing of agricultural products.
The volume of trade between the two countries amounted to more than $ 2 billion, which is 57 percent more than in 2017.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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