S. Korea to allocate funds for projects in Uzbekistan

Business Materials 30 September 2016 17:11 (UTC +04:00)

Tashkent, Uzbekistan, Sept. 30

By Demir Azizov – Trend:

The South Korean government will allocate $250 million for Uzbekistan to implement new infrastructure projects in accordance with the memorandum of understanding signed Sept. 29, an official with the Uzbek government told Trend.

The official said the document was signed in Seoul following the talks between Rustam Azimov, Uzbek first deputy prime minister and minister of finance, and Yoo Il Ho, South Korean minister of finance.

The funds will be allocated through the Economic Development Cooperation Fund (EDCF) and will be spent for construction of a new terminal at the Tashkent International Airport and establishment of the data processing center of e-government system in Uzbekistan.

The Uzbek official also said that as part of his visit to Seoul, Azimov took part in the eighth round of the Uzbekistan-South Korea talks on economy and trade.

The delegations of the two countries discussed the South Korean companies’ participation in the Uzbek projects in such areas as investment, infrastructure development and energy.

An agreement was reached to set up an advisory board to assist exporters from the two countries.

Uzbekistan is the largest trading partner of South Korea in Central Asia. Trade turnover between the countries was $1.3 billion in 2015 and $2.1 billion in 2014.

EDCF has so far provided Uzbekistan with concessional loans worth about $300 million in the social, telecommunications and education sectors.

South Korea is one of the largest investors putting money in Uzbekistan. The total volume of Korean investments in the Uzbek economy has exceeded $7 billion.