Uzbekistan and South Korea target $20 billion in trade through strategic projects

Uzbekistan and South Korea are aiming for a massive expansion of their economic ties, with plans to increase bilateral trade turnover tenfold – from the current $1.7 billion to more than $20 billion. This ambitious target was discussed during a high-level meeting on May 3 between President Shavkat Mirziyoyev and a South Korean delegation led by Deputy Prime Minister and Minister of Economy and Finance, Koo Yun-cheol.

Photo: Presidential Press Service

A central point of the discussions was the potential financing by the Export–Import Bank of Korea (Eximbank) for the supply of Hyundai Rotem railway carriages to Uzbekistan. The project envisions the acquisition of South Korean rolling stock using preferential funds from the Economic Development Cooperation Fund (EDCF) managed by Eximbank. The collaboration in the transport sector is already yielding results, as the first Hyundai Rotem train commenced service on the Tashkent–Khiva route on May 3.

President Mirziyoyev emphasized that while bilateral indicators show steady growth – including a 12% increase in trade since the start of the year and over $8 billion in total South Korean investment – the existing figures do not yet reflect the full potential of the partnership. Currently, about 1,000 joint ventures are operating in Uzbekistan, and a special industrial zone dedicated specifically to Korean companies is being developed to further stimulate investment.

The partnership extends deep into social and industrial infrastructure. The current project portfolio with Eximbank and its associated funds exceeds $2 billion, including the construction of a multi-disciplinary clinic, a chemical research center, and a pharmaceutical park. Deputy Prime Minister Koo Yun-cheol highlighted a $150 million medical cluster project being implemented by the Korean company Kyeryong, suggesting that the addition of a "smart" bio-cluster could transform Uzbekistan into a regional hub for medical tourism, attracting patients from across Central Asia.

Additional cooperation areas discussed include the construction of a new airport in Urgench, the establishment of a branch of the Korea Advanced Institute of Science and Technology (KAIST) in Uzbekistan, and the digitalization of the state public finance management system. According to the National Statistics Committee, while trade saw a dip to $1.73 billion in 2025, the 11.1% increase in the first quarter of 2026 to $463.6 million signals a strong recovery and a shift toward the targeted $20 billion milestone.