Korean business center can be established in Uzbekistan

Business Materials 24 November 2017 12:20 (UTC +04:00)

Baku, Azerbaijan, Nov. 24


Uzbekistan’s President Shavkat Mirziyoyev, addressing a business forum during the state visit to Seoul, proposed the creation of a Korean business center in Uzbekistan.

The Uzbek president’s press service reported that main negotiations and events within the framework of the visit were held on Nov. 23.

Following the negotiations, the presidents of the Republic of Uzbekistan and the Republic of Korea, Shavkat Mirziyoyev and Mun Zhe Ying, signed a joint statement on the comprehensive deepening of strategic partnership relations, as well as more than 60 documents on cooperation in various fields.

The Republic of Korea is one of the leading trade, economic and investment partners of Uzbekistan in the Asia-Pacific region. The volume of trade between the two countries exceeded $1 billion in 2016. The share of Uzbekistan in South Korea’s trade turnover with the countries of Central Asia accounts for 50 percent.

The volume of South Korean investments put in the Uzbek economy exceeded $7 billion. Currently, 461 firms operate in Uzbekistan with participation of South Korean investments, including 366 joint ventures and 75 enterprises with 100-percent South Korean capital.

The two countries’ relations in the energy sphere are developing dynamically. In 2016, the Ustyurt gas chemical complex was built in Uzbekistan in cooperation with South Korea, and $4 billion were invested in this big project, which is a vivid example of the trade, economic and investment partnership between the two countries.