Uzbekistan- South Korea is new stage of cooperation

Uzbekistan- South Korea is new stage of cooperation

Uzbekistan, Tashkent, Feb. 13 / Trend D. Azizov /

About 16 documents aimed at development of Uzbek-Korean cooperation were signed during the state visit of Uzbek President Islam Karimov to the Republic of Korea, official media of the republic said.

In particular, they signed a supplement to the intergovernmental agreement of May 12, 2008 to provide concessional loans of the Fund for Economic Development and Cooperation (EDCF), an agreement on cooperation in the development of alternative energy sources and energy-saving technologies, an investment agreement for the project construction Ustyurt complex on the basis of Surgil field with arrangement of the deposit.

Moreover, a number of documents aimed at promoting cooperation in the field of infrastructure, medicine, environmental protection, plant quarantine, tourism, agriculture, culture and education, were signed between the relevant ministries and agencies.

During the visit, the Presidents of Uzbekistan and Korea exchanged views on issues relating to the current state and prospects of bilateral relations, regional and international issues of cooperation within international organizations.

During the talks, President Islam Karimov and Lee Myun Bak appreciated the current state of trade-economic and investment cooperation. However, it was noted that the achieved results do not fully reflect the potential and opportunities of Uzbekistan and South Korea.

Islam Karimov met with Prime Minister of Korea Chung Un Chan, and discussed issues of further strengthening cooperation and coordination between governments for successful implementation of the agreements during the visit.

Uzbek President held talks with Speaker of National Assembly (parliament) of Korea Kim Heng O, received the Korean Minister of Strategy and Finance Yu Jin-Hyun and Chairman of the company "Korean Air" Cho Yang Ho.

South Korea is one of the largest investment partners of Uzbekistan. In the next few years, Korean investments in Uzbekistan's economy will exceed $5 billion. More than $2 billion has been invested.

Regime of the most favour was determined between the countries. Turnover has been increasing steadily for recent years. According to the statistical authorities, in 2009 its level exceeded the index of 2008 by 8,2 percent and amounted to more than $1.22 billion.

About 373 enterprises with participation of Korean investments, including 72 companies - with full Korean capital operate in Uzbekistan. The Uzbek Ministry of Foreign Economic Relations and Trade has accredited representatives of 90 Korean companies.

The Uzbek-South Korean relations in cultural and humanitarian sphere, particularly between universities and academic institutions have been recently intensified. More than 10 universities in Uzbekistan are cooperating with 20 South Korean universities. Since 1992, the Korean Education Center has been successfully operating in Tashkent. About 3,500 people studied there.

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