BAKU, Azerbaijan, June 7. Uzbekistan and South Korea agreed to intensify efforts to bring the volume of mutual trade to $5 billion by 2025,Trend reports via Uzbek Ministry of Investments and Foreign Trade.
Over the past five years, trade has doubled and reached $1.8 billion in 2021. According to the results of the first quarter of this year, this indicator increased by 51 percent ($630.4 million).
In this regard, on June 6 this year, negotiations were held at the Ministry of Investment and Foreign Trade with the newly appointed Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kim Hee-Sang.
During the meeting, the current agenda of the Uzbek-Korean partnership, the implementation of the agreements reached, as well as the state of preparation for upcoming events, were discussed.
A number of successfully implemented projects in the fields of education, healthcare, infrastructure, information and communication technologies and other areas, through direct investment and funds from Korean financial institutions, such as Eximbank, the Korea International Cooperation Agency (KOICA), the Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Fund (EDPF) were considered.
Today, about 100 investment projects totaling more than $14 billion are being implemented in Uzbekistan together with Korean companies.The volume of accumulated direct Korean investments in the economy of Uzbekistan exceeded $7 billion. Over the past five years, the number of enterprises with Korean capital in Uzbekistan has doubled.
As a result of the meeting, an agreement was reached to continue an active dialogue in order to accelerate the progress of all the issues discussed.