18.12.2021

The President of Uzbekistan Shavkat Mirziyoyev held a meeting with the heads of leading companies and financial structures of the Republic of Korea in Seoul.

The official  event was attended by Minister of Trade, Industry and Energy Moon Sung-wook, Chairman of Korea International Trade Association Christopher Koo, the Export-Import Bank of Korea, Korea International Cooperation Agency (KOICA), The SK Ecoplant, Posco, Samsung, SK Nexilis, Youngone Cooperation, KIA Motors, K-water, KT-Net and many others.

It has become a tradition to hold such meetings during foreign visits. For example, a large-scale business forum was held as part of the state visit of the President of Uzbekistan to the Republic of Korea in 2017. In 2019, the heads of states took part in a joint business forum in Tashkent. As a result of these events, the trust between the businesspeople has been strengthened, trade and economic cooperation has been intensified. As a result, the numerous projects have been launched. The serious changes in the introduction of market mechanisms in all sectors of the economy in our country have contributed to the expansion of interactions. The barriers that were impeding the development of joint business have been eliminated.

- The initiated reforms in our country are irreversible,- Shavkat Mirziyoyev said. - The Development Strategy of the New Uzbekistan envisages continuing the creation of the most favorable conditions for entrepreneurs, expansion of foreign business activities in our country. We appreciate and value the sustainable, trust-based and fast-developing cooperation with the Republic of Korea - a reliable friend and a special strategic partner of Uzbekistan.

A systematic interaction has been built between the two states, including the trade-economic and investment spheres. A special working group has been set up. A department, which is responsible for the development of bilateral cooperation with the Republic of Korea, has been set up within Uzbekistan’s Ministry of Investment and Foreign Trade.

Owing to such attention and systematic work, the relations between the two nations have reached an unprecedentedly new level in recent years. The commodity turnover has doubled and reached $2,2 billion. The volume of Korean direct investments in the economy of Uzbekistan has exceeded $7 billion. The number of enterprises with Korean capital in our country has doubled in the last five years. Today, there are more than a thousand of them. In cooperation with Korean companies 52 investment projects totaling over $9 billion are being implemented in Uzbekistan.

The President of Uzbekistan urged Korean companies to work out new breakthrough, joint initiatives on a truly wide scale.

The South Korean business circles have highly appreciated conditions created in Uzbekistan for active business and expressed keen interest in developing investment cooperation.

The meeting has discussed implementation of 40 new projects with Korean companies for over $5 billion in digitalization, green energy, mechanical engineering, agriculture, textile, pharmaceuticals, geology and many other spheres.

The President Shavkat Mirziyoyev approved these plans and authorized the responsible officials to develop and adopt a corresponding «Road Map» with indication of specific deadlines.

- Our main goal is to make the Korean business feel comfortable in Uzbekistan,- Shavkat Mirziyoyev has emphasized.

The President of Uzbekistan invited leaders of Korean companies to visit Uzbekistan and take advantage of favorable conditions created for foreign investors.

This concluded the state visit of President of Uzbekistan to the Republic of Korea as the Head of our State departed for Tashkent.