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Tuesday, January 23, 2018

Uzbek, South Korean business forum held in Tashkent

The Uzbekistan-South Korea Business Forum was held last Thursday in Tashkent, where the two countries discussed prospects for further cooperation.

The South Korean delegation included business leaders, scientists and academics, while the Uzbek side consisted of government officials, academics and businessmen.

The two sides acknowledged that economic relations between Uzbekistan and South Korea are developing on the basis of the Joint Declaration on Strategic Partnership signed in 2006.

South Korea is one of Uzbekistan's biggest investment partners. Last year, trade between the two countries quadrupled, amounting to approximately $2 billion. The volume of Korean foreign direct investment in Uzbekistan reached $6 billion.

There are approximately 420 joint ventures in Uzbekistan, which is also home to offices of approximately 80 South Korean companies. A number of strategic projects are also being implemented, including the Ustyurt Gas Chemical Complex.

Ahn Yong Se, the executive director of the National Research Council of Economics, Humanities and Social Sciences of the Republic of Korea, said Uzbekistan is one of the key centers on the Silk Road connecting Asia and Europe and is viewed as a country with great potential in logistics and trade.