Korean and Uzbek entrepreneurs to intensify business relations

Photo: Korean and Uzbek entrepreneurs to intensify business relations / Uzbekistan

Tashkent, Uzbekistan, Feb. 27

By Damir Azizov- Trend:

Uzbekistan and Korea should intensify cooperation in the various fields, the vice- chairman of the Korea International Trade Association (KITA), Ang Hyun-ho said at the opening of the Uzbek-Korean business forum in Tashkent on Feb. 27. The forum, intended to strengthen bilateral investment ties was attended by more than 50 Korean companies and the business community of Uzbekistan.

Korean business circles are currently interested in the possibility of implementing promising investment projects in the field of automobile, agricultural machinery, electrical industry, and in the processing of agricultural productions, in particular- cotton fiber, the KITA chairman said.

These projects may be implemented particularly in the Navoi industrial economic zone free and Angren special industrial zone, where favorable conditions for doing business have been created.

Ang Hyun-ho stressed that, as strategic partners, Uzbekistan and Korea attach great importance to developing comprehensive mutually beneficial cooperation. During the September 2012 visit of President Karimov in September, 2012, during which signed a package of intergovernmental agreements on implementation of investment projects amounting more than $5 billion was signed, and the parties` confirmed their commitment to the further development of strategic partnership.

More than 1.5 billion of South Korean investment has been disbursed over the past 15 years, according to the Uzbek Ministry of Foreign Economic Relations, Investments and Trade.

Large investments projects, particularly construction of Ustyurt Gas Chemical Complex on the base of Surgil field amounting to $3.9 billion, the project on the development of Suatbay tungsten field amounting to $ 150 million, organizing a textile complex in Tashkent province amounting to $ 70 million, among others are implemented together with Korean companies.

The volume of bilateral trade amounted to $2.12 billion in 2013, which is almost the same level as in 2012.

Some 418 enterprises actively operate in Uzbekistan with participation of Korean investments, including 70 with wholly Korean capital, the representatives of 78 South Korean companies accredited.

Translated by S.I.
Edited by C.N.

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