Tashkent, Uzbekistan (UzDaily.com) -- On 29 June 2020, the Memorandum of Understanding on the establishment of the Business Council of the Republic of Korea - Central Asia in the format of video conference was signed in the Chamber of Commerce and Industry of Uzbekistan.

The signing of the Memorandum took place between the Chambers of Commerce of Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan, as well as the Secretariat and the Korea International Trade Association (KITA).

The event was attended by Chairman of the Chamber of Commerce and Industry of the Republic of Uzbekistan Adham Ikramov, Chairman of the Korea International Trade Association Kim Yongju, Secretary General of the Secretariat of the Korea-Central Asia Cooperation Forum, Deputy Minister of Foreign Affairs of the Republic of Korea, as well as Ambassadors and representatives of the Chambers of Commerce participants.

At the meeting, which took place in the online format, the parties discussed measures of practical and long-term mutual cooperation between the Republic of Korea and Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan, as well as borrowing advanced Korean experience in the field of economic development, which will contribute to the development of new joint projects between member countries. All this will provide an opportunity to expand investment and trading potential in general.

The participants also discussed the holding of the so-called “Korea-Central Asia Multi-Partnership Business Forum” in order to unite entrepreneurs from all six countries to organize B2B negotiations and cooperation exchanges.

The result of this videoconference was the signing of a Memorandum of Understanding on the establishment of the "Business Council of the Republic of Korea - Central Asia."

The establishment of the Republic of Korea-Central Asia Business Council was discussed during the 12th Republic of Korea-Central Asia Cooperation Forum, which was held in Nur-Sultan, the Republic of Kazakhstan (October 2019).

Meetings of the Republic of Korea-Central Asia Business Council will be held annually as part of the Korea-Central Asia Cooperation Forum.