Business Announcement and Updates

Priorities of cooperation

 

Strong friendship relations that are based on close historical and spiritual basis, connect Uzbekistan and Korea. Meetings on a high level indicate intensive development of relations between the two countries. This increases the potential for engaging reserves of cooperation of the parties in terms of new joint projects, developing the existing mutually beneficial relations.

State visits of the President of the Republic of Korea Park Geun-hye to Tashkent in June 2014 and the President of the Republic of Uzbekistan Islam Karimov to Seoul in May 2015 gave a powerful impulse to the comprehensive development of full-scale cooperation between the two countries, especially in the economic sphere.

As a result of these two visits the countries signed more than 100 bilateral agreements, including agreements on trade-economic, investment, technological and financial cooperation totaling more than 9.5 billion US dollars.

Together with leading companies of the government partner such as "GM Korea", "Korean Air", "KOGAS", "Lotte", "GS", "Posco-Daewoo", "Samsung", "Shingdong", "Kolon" there are implemented grandiose joint investment projects in trade, investment, exports and imports of oil and gas, chemical, mining, mechanical engineering, electrical engineering, science, education and others. In this regard, joint ventures, created in the free industrial economic zone "Navoi" deserve a special attention.

A cooperative work with the world famous company "Korean Air" has a high prestige. For example, intermodal logistics center "Navoi" is created on the basis of its excellence, widely introduced modern technology and efficient management. During a day the hub can handle up-to one thousand tons of cargo. As an average, the terminal is capable to process and store 300 tons of cargo. There are opportunities to serve 20 aircrafts, and, which is most important, the hub serves as a bridge between the countries of Asia and Europe.

Currently, the volume of direct investments of the Republic of Korea in the economy of Uzbekistan has exceeded 7 billion dollars. 440 enterprises with the participation of South Korean investments successfully operate in our country; representative offices of 77 companies are accredited.

Activities of the joint Uzbek-Korean enterprises "UzEraeCabel", "UzEraeAlternator", "KO-UNG-Cylinder" in the Free Industrial Economic Zone "Navoi", cargo terminal "Cargo" in the international airport "Navoi" reflect an actual embodiment interstate friendship.

On August 16th, group of representatives of the Korean delegation headed by the Minister of Public Administration and Home Affairs of the Republic of Korea, Hong Yun Sik visited our region in order to see the ongoing work of these companies.

During the visit, the delegation was introduced to a presentation of the activities of Free Industrial Economic Zone "Navoi". Accompanied by First Deputy Prime Minister of the Republic of Uzbekistan R.Azimov and the regional governor E.Turdimov the guests visited the joint Uzbek-Korean enterprise "UzEraeCabel", "UzEraeAlternator", "KO-UNG-Cylinder", as well as the Uzbek-Chinese "HPC Systems" Uzbek-Indian "UzMinda", cargo terminal "cargo" and international airport "Navoi".

- We are well aware of the great development of Uzbekistan which has been achieved in a short time, - said the head of the Korean delegation on the results of his working visit to the region. - This is the result of ongoing wise and competent policy of your country. We were impressed by implemented huge work; also we have strengthened our respect to your hospitable people. We support strengthening of friendly relations with Uzbekistan.