Uzbekistan, Tashkent, Sept. 4 / Trend D. Azizov /
The Uzbek Finance Ministry and the Korean Strategy and Finance Ministry signed a memorandum of understanding envisaging the allocation of preferential long term loans from the Korean government's Economic Development Cooperation Fund to the amount of $595 million to Uzbekistan in 2012 - 2015.
The document was signed during Uzbek Strategy and Finance Minister Jae-Wan Bahk's official visit to Uzbekistan on August 31 - September 2, an official statement on the outcome of the visit said today.
The memorandum reflects the basic parameters of the cooperation programme with the EDCF, to be implemented over the next three years.
In particular, the agreement on a priority project implementation was reached to create a children's multidisciplinary medical centre by equipping it with high-tech diagnostic, medical and other special equipment. There is also a project establishing a national comprehensive electronic library in e-form envisaging transferring educational, scientific, works, mainly contained in the Alisher Navoi National Library.
Moreover, the programme includes projects on equipping the National TV and Radio Broadcasting Company with digital equipment, developing a modern material and technical base of secondary and secondary special education and increasing efficiency of using energy resources.
The programme also includes technical assistance projects in developing the Treasury, improving the effectiveness of managing state property and public procurement and using information technology in the tax and customs bodies.
At present, the total amount of Korean companies' investments in Uzbekistan exceeds $5 billion. The bilateral trade volume increased by 47 per cent - up to $1.152 billion in the first half of this year. There are more than 400 companies with the South Korean capital in Uzbekistan.
Following the talks, both sides agreed to hold regular meetings between the finance ministries of the two countries to further enhance financial, economic and investment bilateral cooperation.