MIFT considers mechanisms for deepening Uzbek-South Korean cooperation

According to the MIFT, during the meeting, the current agenda of the Uzbek-South 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, implemented through direct investment and funds from South Korean financial institutions, such as Eximbank, the Korea International Cooperation Agency (KOICA), the for Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Fund (EDPF).

Today, together with companies from South Korea, about 100 investment projects are being implemented in Uzbekistan for a total amount of more than $14 billion. The volume of accumulated direct South Korean investments in the economy of Uzbekistan exceeded $7 billion.

Over the past five years, the number of enterprises with South Korean capital in Uzbekistan has doubled (900 as of June 1).

Much attention was paid to the intensification of trade between countries. 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% ($630.4 million). The parties agreed to intensify efforts to achieve the goals set by the leadership of the two countries and bring the volume of mutual trade to $5 billion by 2025.

The prospects for introducing new mechanisms of interaction between the MIFT, the Ministry of Economy and Finance of South Korea and the diplomatic missions of the two countries aimed at monitoring existing and promising projects, coordinating projects implemented through the Korean Official Development Assistance (ODA) program were discussed.

Following the meeting, an agreement was reached to continue an active dialogue in order to accelerate the progress of all the issues discussed.