Uzbekistan, South Korea discuss implementation of bilateral agreements
Uzbekistan, Tashkent, Aug. 27 / Trend D.Azizov /
Leadership of the Uzbek Foreign Ministry discussed with South Korean ambassador Jung Dae Wan progress in implementing the agreements reached during the Uzbek-South Korean summit in August 2011 in Tashkent, the Foreign Ministry reported.
More than twenty documents were signed during the state visit of South Korean President Lee Myung-bak to Uzbekistan, held in late August last year.
In particular, an intergovernmental agreement on temporary employment of citizens of one State to another State, a Memorandum of Understanding between the Ministries of Economy of Uzbekistan and Korea, on partnership in the field of industrial and energy cooperation were all signed during the visit.
National Holding Company (NHC) Uzbekneftegaz signed four contracts with Korean companies for the construction of Ustyurt gas and chemical complex in the field Surgil (Ustyurt region) in Uzbekistan worth $2, 6 billion.
In addition, the sides signed exchange notes to amend the intergovernmental agreement on the establishment of air services between their respective territories and outside dated June 6, 1994.
An agreement was reached between the two governments on the allocation of grant aid to finance four projects implemented by KOICA for a total of $10.5 million.
Memoranda of cooperation were signed by the Ministries of Finance and Health of the two countries, memoranda of understanding - Uzbek State Statistics Committee and the Agency for Statistics of Korea, the Agency for Intellectual Property of Uzbekistan and the Korean Intellectual Property Office, Ministry of Culture and Sports of the Republic and the Ministry of Culture, Sports and Tourism of Korea .
State Property Committee of Uzbekistan and the Korea Stock Exchange (KSE) signed a general agreement on the modernization of the securities market of Uzbekistan and the Uzbek
State Geology Committee and Korean Shindong Resources Co. Ltd. signed an agreement on creation of joint venture "Uzbekistan-Korea Tungsten" for exploration and development Sautbay tungsten deposit in the Navoi region.
A number of agreements for the development of the textile industry of Uzbekistan was also signed.
The total amount of agreements signed during the visit of the president of Korea is estimated at $4 billion.
Currently, the total amount of the claimed South Korean investments in Uzbek economy exceeded $5 billion, including spent - $2 billion. Bilateral trade volume totaled 1.6 billion in 2011. There are more than 360 companies with Korean capital, including 59 companies wholly owned by Korea, more than 80 accredited representatives of South Korean companies in Uzbekistan.