08 September 2023

Uzbekistan and Korea outline breakthrough areas for further cooperation

On September 7 of this year, the regular 5th meeting of the Deputy Prime Ministers of the Republic of Uzbekistan and the Republic of Korea was held in Tashkent, the PR center of the MIIT reports.

The meeting was co-chaired by Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khojaev and Deputy Prime Minister – Minister of Economy and Finance of the Republic of Korea Choo Kyung-ho.

A constructive exchange of views took place on key issues on the agenda, including the implementation of current joint projects and promising areas for the further development of bilateral multifaceted cooperation.

A steady positive trend in bilateral trade and the development of Korean investments was noted. Thus, from the beginning of 2023, Uzbekistan’s exports to Korea increased by 15 percent compared to the same period last year, and the total volume of direct Korean investments attracted to the economy of Uzbekistan exceeded $7 billion. The parties expressed their firm commitment to taking measures to further strengthen trade, economic, financial and technical partnership, as well as cooperation in combating climate change.

Separately, the importance of expanding financial and technical cooperation was emphasized. In particular, the current status of projects implemented jointly with the EDCF, such as the creation of the Pharmaceutical and Medical clusters, was considered. Approved the corresponding joint “Roadmap”.

In addition, the effectiveness of cooperation with the Korean International Cooperation Agency KOICA was noted, with the assistance of which 33 projects worth $141 million were implemented in Uzbekistan and more than 2 thousand internships were organized in Korea for Uzbek specialists.

The parties also discussed other issues on the bilateral agenda.

As a result of the event, the protocol of the 5th meeting of the Deputy Prime Ministers was signed, reflecting the key agreements reached during the event and the main vectors for further deepening multifaceted cooperation between the two countries.