Tashkent, Uzbekistan (UzDaily.com) -- Deputy Prime Minister of the Republic of Uzbekistan Sardor Umurzakov held online talks with the Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Hon Nam Ki.

On the agenda is a discussion of the course and prospects of investment, trade, economic, cultural and humanitarian cooperation in the light of bilateral agreements reached following the summit visits.

The parties agreed on the need to continue systematic work in the current economic situation in order to minimize the risks of delays in the implementation of joint projects and initiatives. It was agreed that the Working Group, headed by the deputy ministers of foreign economic departments of the two countries, will provide targeted assistance to the initiators of investment projects and quickly resolve emerging issues.

Particular attention at the talks was paid to support the implementation of the project to create the Tashkent Pharma Park pharmaceutical cluster in the Tashkent region. The Korean side will intensify efforts to attract leading Korean companies to implement joint projects in the cluster, as well as work out the issue of accelerating the opening of financing of a part of the project by the Eximbank of the Republic of Korea.

Separately, the issues of interaction on the development of free economic zones in Uzbekistan based on the successful experience of their functioning in South Korea are examined. In particular, they considered the prospects of sending a Korean working group to Uzbekistan from among the specialists of the Ministry of Transport of the Republic of Kazakhstan and the corporation EH Corporation, who have extensive experience in implementing infrastructure projects, as part of the project to transfer the Free Economic Zone to the trust management of the Inchon Free Economic Zone.

The prospects of increasing trade by discussing effective measures aimed at eliminating trade barriers and facilitating access to the markets of the two countries for goods of Uzbek and South Korean production were discussed. An agreement was reached to expedite the negotiation process in preparation for the signing of the Free Trade Agreement. The South Korean side also expressed its readiness to begin the implementation of the second stage of the project to create the National Online E-Commerce Platform in Uzbekistan, a large-scale innovative project implemented through a South Korean grant.

An important step towards increasing mutual trade in the agricultural sector will be a project to improve the activity of the quarantine service of Uzbekistan, taking into account South Korean standards, for which a modern plant quarantine laboratory will be created in the republic.

An agreement was also reached on intensifying bilateral cooperation within the framework of the process of Uzbekistan’s joining the World Trade Organization, including by attracting expert consultants from the Korea Institute of International Economic Policy.

The parties also discussed mechanisms of interaction in the financial and technical sphere. We studied proposals for the implementation of new projects with the assistance of grants from the Korean International Cooperation Agency (KOICA), measures to expand the portfolio of joint projects with the Eximbank of Korea and the Economic Development and Cooperation Fund (EDCF). It was agreed that the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan together with the Ministry of Economy and Finance of the Republic of Korea will develop a new three-year program of financial and technical cooperation with EDCF for 2021-2023.

The possibilities of providing the Government of the Republic of Korea with financial and technical support to Uzbekistan as part of the implementation of measures to counteract the spread of coronavirus infection and minimize the economic consequences of the pandemic are considered.

The Uzbek side expressed gratitude to the South Korean government for the previously provided humanitarian assistance in the form of test systems for detecting infections, medical equipment and supplies, as well as for sending highly qualified consultants to Uzbekistan to assist in the fight against COVID-19.

As a result of the video conference, an agreement was reached on establishing systemic interaction within the framework of the indicated projects and initiatives.

Work in all areas will continue actively in the form of video conferences both at the level of heads of ministries and departments, as well as at the level of experts and specialists of the two countries.