Uzbekistan and South Korea sign agreements worth $ 2.4 billion

Photo: Uzbekistan and South Korea sign  agreements worth $ 2.4 billion / Economy news

Tashkent, Uzbekistan, June 18
By Demir Azizov- Trend:

A number of cooperation documents have been signed within the implementation of the projects amounting to $2.4 billion as a result of the Uzbek-Korean business forum and cooperation exchange in Tashkent, according to the Uzbekistan National News Agency.

Furthermore, memoranda of understanding and cooperation in textile and light industry, on the construction of test solar photovoltaic station, on the establishment of the innovative textile technology center in Tashkent, expansion and modernization of existing production at "DAEWOO Textil Fergana" and "DAEWOO Textil Buhara"; on organizing the production of plastic products, a memorandum on the establishing of a joint venture for the development of information systems and software products.

Moreover, the participants signed an agreement on the implementation of a number of joint investment projects in textile and light industry, to undertake field verification work within the project on the development of Sautbay tungsten field and a general agreement on the establishment of Inha University in Tashkent.

The business forum was held within the framework of the South Korean president Park Geun Hye`s state visit to Uzbekistan.

The forum was attended by the business community of both countries, including about 300 representatives of large companies in South Korea - "Hanjin Group", "Hyundai Motor", "Lotte Chemical", "Hanwha Group", "Daedong Industrial", "Baum Architects" , "Bell Metal", "LSC Food", "Simpac", "Nara", "Shindong" and others.

Detailed exchange of views on the further development of trade-economic and investment cooperation, cooperation in such sectors as energy, information and communication technology, tourism, food, light industry, textile industry, science and education was held at the business forum.

At present, there are about 412 enterprises in Uzbekistan which were created in partnership with South Korean businessmen, more than 80 companies have representative offices. They operate in such areas as trade, textile, light industry, mining and metallurgy, chemical industry, food industry, machine building, metalworking, tourism, health care, transportation services.

As of 2013, bilateral trade turnover amounted to $2.12 billion.

Uzbekistan exports food, chemical products, machinery and equipment, fertilizers, provides transport, communications and tourism services to South Korea. Vehicles, mechanical and electronic equipment, plastics and plastics products are imported from South Korea to Uzbekistan.

Edited by CN

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