Seoul, 22 December 2021 (TDI): The President of Uzbekistan, Shavkat Mirziyoyev, met with the heads of several companies and financial institutions of South Korea; on 18 December. The Minister of Trade, Industry, and Energy of the Republic of Korea, Moon Seung Wook, was one of the participants of the meeting.
OTHER PARTICIPANTS OF THE MEETING WITH THE UZBEK PRESIDENT
Other assistants of the meeting were the Chairman of the Korea International Trade Association, Christopher Ku; the leaders of Eximbank of Korea, and the Korea International Cooperation Agency (KOICA).
SK Eco plant, Posco, Samsung, SK Nexilis, Youngone, KIA Motors, K-water, KT-Net; and several others were also present in the meeting. Holding these kinds of meetings during an official visit became a tradition for the Uzbek President.
PREVIOUS OFFICIAL VISITS OF THE UZBEK PRESIDENT
Furthermore, during an official visit of the Uzbek President to South Korea in 2017; South Korean businesses organized a business forum. On the other side, the heads of state of both countries were part of a joint business forum that happened in 2019; in Tashkent, Uzbekistan.
Due to the organization of both forums, Uzbekistan-South Korean relations strengthened at an incredible rate. That was because the trust between the business circles strengthened as well; and also the trade and economic/investment partnerships became more active.
STRENGTHENING OF BILATERAL RELATIONS
Due to the strengthening of the relations between both, it facilitated the launch of several projects. Market mechanisms that operate on all sectors of the Uzbek economy received important changes that allowed the further expansion of interaction between the two countries.
It is important to mention that those changes included the removal of barriers that hindered the development of joint businesses. Mirziyoyev remarked that the transformations that started in the business structures and facilities in Uzbekistan are irreversible.
Those transformations were included in the Development Strategy of New Uzbekistan, like continuing the efforts to create better conditions for entrepreneurs; and the expansion of the foreign business presence in Uzbekistan.
He then added that Uzbekistan values stable, reliable, and dynamic developing cooperation with South Korea. According to Mirziyoyev, South Korea is a reliable friend and special strategic partner of Uzbekistan.
He also mentioned that both countries built a systemic interaction that included trade, investment, and economy. Furthermore, Mirziyovev mentioned that the Ministry of Investment and Foreign Trade of Uzbekistan created a department.
According to him, that department has the responsibility of the bilateral cooperation development matters with South Korea. It was thanks to the systematic work and attention, Uzbek-South Korean relations increased at an incredible pace.
RESULTS OF UZBEK CHANGES IN THEIR BUSINESS ENVIRONMENT
That increase was seen in the trade turnover because it doubled and amounted to US$2.2 billion. Also, the volume of South Korean investments in the Uzbek economy exceeded 7 billion dollars. It is also important to mention that the number of South Korean capital businesses in Uzbekistan doubled.
Currently, there are more than a thousand businesses with South Korean capital in Uzbekistan. Alongside the South Korean businesses, 52 investment projects started in Uzbekistan, and those projects are worth more than 9 billion.
CALL OF UZBEK PRESIDENT TO SOUTH KOREAN COMPANIES
The Uzbek President called on South Korean companies to keep developing new innovative/large-scale joint initiatives. The representatives of South Korean business circles appreciated the conditions for the friendly business environment in Uzbekistan.
Furthermore, they also expressed their interest in the further development of investment cooperation. During the meeting, the participants discussed the implementation of 40 new project initiatives with South Korean companies that totaled up to more than US$5 billion.
Those initiatives are in several areas, like digitalization, green energy, mechanical engineering, agriculture, textile industry, pharmaceuticals, and geology. The Uzbek President approved the new projects, and also instructed those responsible to develop and adopt an appropiate Roadmap.
According to Mirziyoyev, that Roadmap will include the definition of specific terms. Mirziyoyev also emphasized that the main goal of Uzbekistan is to welcome and make South Korean businesses comfortable in the country.
Mirziyoyev also invited the different heads of South Korean businesses to visit Uzbekistan and take advantage of the favorable conditions that the Government created for foreign investments. Later the Mirziyoyev concluded his official visit to South Korea and headed back to Tashkent.