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Korean business is ready to implement new projects in Uzbekistan

In Seoul, a government delegation of Uzbekistan under the leadership of Deputy Prime Minister – Minister of Investments and Foreign Trade S. Umurzakov held a roundtable with representatives of large Korean businesses and state corporations.

The event was also attended by the heads of such companies as Samsung Group, KIA Motors, LG Corporation, POSCO Group, Hyundai Motor Group, Lotte Group, Korea Telecom, KNOC, as well as representatives of the Korea International Trade Association KITA and the Korean-Uzbek Business Association (KUBA).

Speaking at the roundtable, S. Umurzakov noted Uzbekistan’s confident progress on the path of social and economic reforms, its focus on increasing the transparency of the economy and continuing integration into the global economic space, invited representatives of Korean business to take advantage of the unique opportunities created in Uzbekistan, and expressed readiness to provide comprehensive support in dealing with the related issues.

The head of the Uzbek delegation stressed the experience of a number of large Korean companies implementing high-tech projects in Uzbekistan. The role of business circles as the driving force for strengthening economic partnership between Uzbekistan and Korea, whose relations have reached a qualitatively new level over the past few years, was emphasized.

Extensive opportunities and untapped reserves were revealed for the implementation of joint projects and the establishment of industrial cooperation in such areas as energy, light industry, metallurgy, information technology, pharmaceuticals, production of construction materials and electrical engineering.

Representatives of the Korean business presented information on their companies and outlined a vision of their prospective activity in Uzbekistan, mentioning priority directions and sectors for cooperation as well as mutually beneficial mechanisms of partnership within the framework of joint projects.

During the roundtable, an agreement was reached on cooperation with the Korea International Trade Association with the aim of implementing joint initiatives to establish direct ties between the business communities of Uzbekistan and Korea. It is expected that one of such initiatives will be the organization of the Uzbek-Korean Business Forum in the near future.