Uzbekistan eyes to establish full-scale co-op with China, S.Korea

Business Materials 15 October 2020 16:17 (UTC +04:00)

BAKU, Azerbaijan, Oct. 15

By Klavdiya Romakayeva - Trend:

From January through August 2020, the volume of trade between Uzbekistan and China reached $4 billion and $1.4 billion with South Korea, Trend reports, referring to the press service of the Ministry of Transport in Uzbekistan.

President of Uzbekistan Shavkat Mirziyoyev held a during which the progress in the implementation of trade, economic, investment and humanitarian projects jointly with China and South Korea was critically examined, and new points of growth of cooperation were identified.

At the meeting, held in the format of a video conference, deputy prime ministers, ministers, mayors and ambassadors of Uzbekistan to foreign countries reported on measures to eliminate delays in the implementation of export and investment projects.

This year, export indicators have decreased in some areas. In particular, over the past eight months, supplies to China decreased by 42.3 percent in the textile sector, by 33.1 percent in the chemical and petrochemical industry, and by 18.1 percent in the agricultural sector.

During the same period, a passive export to South Korea has been registered in the Surkhandarya, Bukhara and Kashkadarya regions.

President noted that the heads of regions and industries are still not aware of the importance of exports, and that their style of work in this area does not meet today's requirements.

China and South Korea are major investors in Uzbekistan’s economy. In particular, over the past three years, $3.9 billion of capital investments from China and $850 million from South Korea have been disbursed. However, the implementation of some investment projects is being delayed.

Measures have been identified to accelerate implementation or resume for projects that are behind schedule or have been suspended. At the same time, the Ministry of Investment and Foreign Trade was instructed to form new projects aimed at attracting direct investment from China and South Korea.

In addition, the progress of projects in the fields of transport, health care and cultural and humanitarian areas has been discussed.

Instructions were given on establishing full-scale cooperation with China and South Korea, finding new areas of interaction and implementing joint projects, and ensuring control over their implementation.


Follow the author on Twitter: @romakayeva