Uzbekistan and South Korea Strengthen Economic Ties through Trade and Investment

During his state visit to South Korea, President of the Republic of Uzbekistan Shavkat Mirziyoyev met with the heads of leading companies and financial structures of the Republic of Korea in Seoul. The large-scale business forum was attended by the Minister of Trade, Industry and Energy of the Republic of Korea Moon Sung-wook, Chairman of the Korea International Trade Association Christopher Koo, and other senior officials. The event aimed to strengthen trust between businesspeople, enhance trade, economic, and investment partnerships, and facilitate the expansion of interaction between the two countries. As a result of previous business forums held in 2017 and 2019, many projects have been launched, and trade turnover has doubled to $2.2 billion. The volume of direct Korean investments in Uzbekistan's economy has exceeded $7 billion, and the number of enterprises with Korean capital has doubled over the past five years.

Key Takeaways:

• The President of Uzbekistan emphasized that the transformations in his country are irreversible and that he aims to create the most favorable conditions for entrepreneurs.
• The New Uzbekistan Development Strategy provides for the continuation of work on expanding the presence of foreign business in the country.
• Systematic interaction has been built between the two states, including in the trade, economic, and investment spheres.
• A special working group is operating, and a department has been created in the structure of the Ministry of Investments and Foreign Trade of Uzbekistan to develop bilateral cooperation with South Korea.
• Trade turnover between the two countries has doubled to $2.2 billion.
• The volume of direct Korean investments in Uzbekistan's economy has exceeded $7 billion.
• The number of enterprises with Korean capital in Uzbekistan has doubled over the past five years.
• 52 investment projects are being implemented in Uzbekistan with Korean companies, worth over $9 billion.
• Projections for new projects include 40 initiatives worth over $5 billion, focusing on digitalization, green energy, mechanical engineering, agriculture, and other areas.

Statistics:

• Trade turnover between Uzbekistan and South Korea has doubled to $2.2 billion.
• The volume of direct Korean investments in Uzbekistan's economy has exceeded $7 billion.
• The number of enterprises with Korean capital in Uzbekistan has doubled over the past five years, totaling over 1,000 companies.
• 52 investment projects are being implemented in Uzbekistan with Korean companies, worth over $9 billion.
• New projects include 40 initiatives worth over $5 billion, focusing on digitalization, green energy, mechanical engineering, agriculture, and other areas.

Sources:

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