14.06.2024

Presidents Shavkat Mirziyoyev and Yoon Suk Yeol participated in the Uzbek-Korean business forum.

On the Korean side, the heads of more than 80 leading companies and banking and financial institutions such as SK Group, Lotte Corporation, KOGAS, POSCO, Samsung, LG, Hyundai, KIA, Doosan, BoMI, Eximbank, EDCF, Korea Development Bank and many others, attended the event.

In his speech, the Head of our State emphasized that the Republic of Korea has traditionally been among the major trade, investment and technological partners of Uzbekistan.

Double increase in mutual trade, which reached US $2,5 billion at the end of last year was noted with satisfaction. Korean investments in Uzbekistan’s economy amount to US $7,5 billion.

During the negotiations at the highest level held today, the Leaders agreed to fully support measures to increase trade and investment, introduce flexible mechanisms for financing joint projects and create favorable conditions for business.

- We have agreed to create a new model of partnership in the modern environment. “New time of high-tech and innovative cooperation” begins in our relations, - said the Leader of our State.

An important decision was taken to develop a Strategic programme for the establishment of a regional high-technology hub in Uzbekistan, which will cover priority areas.

It is cooperation in the field of critical raw materials, semiconductors, chemistry, engineering, “smart” agriculture, infrastructure and urban development, “green” energy.

The Head of our State noted that in recent years the Republic of Korea has become a key partner in the modernization of the economy and industry of Uzbekistan. Today, major projects worth US $5 billion are being implemented with leading Korean companies and banks.

Successful examples include the creation of a textile cluster with POSCO, a multi-purpose children’s clinic with Eximbank and CNT, and silicon mining and processing with Shingdong Enercom, among others.

The Leaders welcomed the fact that the business forum has prepared a package of new investment projects worth US $9,6 billion.

The Head of our State emphasized the irreversible nature of the reforms being implemented in New Uzbekistan, aimed at liberalizing the economy, ensuring the rule of law, the inviolability of private property and protecting the rights of investors.

- The potential of Uzbek-Korean cooperation is very high. Our economies can effectively complement each other, - said the President.

In this context, priority areas for further cooperation were identified.

First of all, it is deep processing of strategic raw materials based on advanced technologies of Korea with further export of highly liquid products to third countries.

An important step in this direction was the signing of an agreement on the joint production of ultrafine copper foil. Expansion of the activities of the Uzbek-Korean Scientific and Technological Centre for Rare Metals is also envisaged.

Within the framework of the partnership in the electrotechnical industry, plans were made to establish in the Tashkent region the first in Central Asia cluster of semiconductor products, as well as to expand cooperation in the production of electrical equipment and technical silicon.

Uzbekistan intends to develop a strategic partnership with the Korean chemical industry. Support was expressed for the plans to implement projects for the production of “green” hydrogen, ammonia and rubber products.

In addition, within the framework of the current visit, the Chemical Technology Center is being launched with the support of Eximbank and KOICA.

The important role of Korean companies in the regional leadership of Uzbekistan in the automotive industry was emphasized. So, the production of modern cars in the Jizzakh region launched together with KIA.

Our President has called on Korean business to actively participate in the process of localization of new models of machines and components.

Interest was expressed in development of partnership in digitalization of agriculture, introduction of “smart” technologies in the agricultural sector.

In this regard, the parties welcomed the launch of major projects to create “green” greenhouses and gardens in the regions of our country, working based on renewable energy sources.

Uzbekistan is interested in Korea’s best practices in infrastructure and urban development. In this context, special attention was paid to the participation of Korean partners in the modernization of transport infrastructure through public-private partnerships.

The signing of the agreement on delivery of high-speed trains Hyundai Rotem to our country was noted with satisfaction.

The importance of deepening cooperation with financial institutions of Korea was emphasized. Within the framework of the summit, the Program of cooperation with the EDCF on financing of social and infrastructure projects with a total cost of US $2 billion was signed.

The Head of our State assured representatives of the Korean business community that the Government of Uzbekistan will actively support them in the timely and effective implementation of all agreements.

To this end, a new system of coordination and promotion of joint projects was announced.

In turn, the President of the Republic of Korea, Yoon Suk Yeol, praised the irreversible reform programme led by President Shavkat Mirziyoyev, noting that there are many untapped opportunities to increase the scope of mutually beneficial partnership.