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Toshkent

07/June/2022   Economic Diplomacy

Mechanisms of deepening Uzbek-Korean cooperation are considered

TASHKENT, June 7. /“Dunyo” IA/. Yesterday, negotiations were held at the Ministry of Investment and Foreign Trade with the newly appointed Ambassador of the Republic of Korea to Uzbekistan Kim Hee Sang, reports “Dunyo” IA correspondent.


During the meeting, the current agenda of the Uzbek-Korean partnership, the implementation of the agreements reached, as well as the state of preparation for upcoming events were discussed.

A number of successfully implemented projects in the fields of education, healthcare, infrastructure, information and communication technologies and other areas were noted, implemented through direct investments and funds from Korean financial institutions, such as Eximbank, the Korea International Cooperation Agency (KOICA), the Foundation for Economic Cooperation and Development (EDCF) and the Economic Development Assistance Fund (EDPF).

Today, together with Korean companies, about 100 investment projects worth more than $ 14 billion are being implemented in Uzbekistan. The volume of accumulated direct Korean investments in the economy of Uzbekistan exceeded $ 7 billion.

Over the past five years, the number of enterprises with Korean capital in Uzbekistan has doubled (as of June 1 - 900).

No less attention was paid to the intensification of trade between the countries. Over the past five years, the trade turnover has doubled and reached $1.8 billion in 2021. According to the results of the first quarter of this year, this indicator increased by 51 percent ($630.4 million). The parties agreed to intensify efforts to achieve the goals set by the leadership of the two countries and bring the volume of mutual trade to $ 5 billion by 2025.

The prospects of introducing new mechanisms of interaction between the Ministry of Investment and Foreign Trade, the Ministry of Economy and Finance of Korea, and the diplomatic missions of the two countries aimed at monitoring existing and promising projects, coordinating projects implemented through the Korean Official Development Assistance Program (ODA) were discussed.

Following the meeting, an agreement was reached to continue an active dialogue in order to accelerate the advancement of all the issues discussed, the press service of the Ministry of Education and Science of the Republic of Uzbekistan reports.

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