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South Korea allocates additional grant for Uzbekistan to counter spread of COVID-19

Uzbekistan Materials 25 January 2021 17:26
South Korea allocates additional grant for Uzbekistan to counter spread of COVID-19

BAKU, Azerbaijan, Jan. 25

By Klavdiya Romakayeva - Trend:

South Korea decided on January 25 to allocate an additional grant for the implementation of the COVID-19 Emergency Response Program in Uzbekistan, Trend reports with reference to the Ministry of Investment and Foreign Trade of Uzbekistan.

The mentioned issue was announced during negotiations held between the Deputy Prime Minister, Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov, and the Deputy Prime Minister, Minister of Economy and Finance of South Korea Hong Nam-ki.

It was also announced that South Korea will continue financial and technical support to Uzbekistan as part of the implementation of measures to counter the spread of coronavirus infection and minimize the economic consequences of the pandemic.

The agenda of the discussion also included current issues and prospects for investment, trade, economic and financial, and technical cooperation in the light of bilateral agreements reached following high-level visits, as well as joint events held in 2020.

The St. Korean side expressed its commitment to the high-quality and timely implementation of all existing agreements in the investment field. It was noted that at the moment a package of new investment projects has been formed in the fields of energy, oil and gas sector, chemical, electrical and pharmaceutical industries, mechanical engineering, healthcare, education, and tourism.

In addition, mechanisms of interaction for the implementation of joint projects were considered, including the construction of the Tashkent Pharma Park pharmaceutical cluster in the Zangiata district of the Tashkent region, the creation of a multidisciplinary modern medical center, a research and design institute - the Center of Chemical Technologies, modernization and reconstruction of the Bukhara oil refinery and Mubarek TPP.

Furthermore, issues of interaction with the Economic Development Assistance Fund (EDCF) were considered separately following the new program of cooperation with Uzbekistan for 2021-2023 with a total value of $1 billion, within which priority projects have already been identified.

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