Uzbekistan and South Korea signed the Trade and Investment Promotion Framework (TIPF) in Seoul on Tuesday, the correspondent of “Gazeta.uz” reports, citing the Ministry of Industry, Trade and Energy of the Republic of Korea.
The document was signed by the Deputy Minister of Investment, Industry and Trade of Uzbekistan Oybek Khamraev and the Deputy Minister of Industry, Trade and Energy of South Korea Chung Tae-jin.
TIPF is a new mechanism through which the South Korean ministry intends to develop economic cooperation and build trust, including in areas such as supply chain development, digital and biotechnology.
Uzbekistan became the first country in Central Asia with which the Republic of Korea signed such an agreement, and also the seventh overall, after the UAE, Bahrain, the Dominican Republic, Hungary, Poland and Madagascar.
“Uzbekistan ranks 12th in the world in molybdenum reserves and 7th in uranium reserves, and the signing of the TIPF is expected to contribute to stabilizing future supply chains to Korea,” the South Korean ministry said in a statement.
The signing took place within the framework of the Uzbek-Korean business forum, in which Foreign Minister Bakhtiyor Saidova also took part.
On Sunday, the head of the Uzbek Foreign Ministry held talks in Seoul with the Prime Minister of South Korea Han Deok-soo. As reported by the South Korean Yonhap agency, the parties discussed issues of developing cooperation in the fields of energy, infrastructure, mining, defense and others.
Bakhtiyor Saidov and Minister of Foreign Affairs of the Republic of Korea Park Chin also launched a Strategic Dialogue between the Foreign Ministries of the two countries. “This platform is aimed at strengthening mutual trust and close partnership between our two countries,” said Bakhtiyor Saidov.
In addition, he met with the President of the Assembly and Chairman of the Council of the Global Green Growth Institute (GGGI), former UN Secretary General Ban Ki-moon. The implementation of joint projects was discussed, including within the framework of the “Country Planning Strategy of GGGI and Uzbekistan for 2021–2025” and the “Strategy for the transition of Uzbekistan to a green economy for the period 2019–2030.”