Tashkent, Uzbekistan (UzDaily.com) – President of Uzbekistan Shavkat Mirziyoyev and President of South Korea Yoon Suk Yeol took part in the Uzbek-Korean business forum.

From the Korean side, the event was attended by heads of more than 80 leading companies and banking and financial institutions, such as SK Group, Lotte Corporation, KOGAS, POSCO, Samsung, LG, Hyundai, KIA, Doosan, BoMI, Exim Bank, EDCF Fund, Korean Development Bank and many others.

In his speech, the head of our state emphasized that the Republic of Korea is traditionally one of the major trade, investment and technological partners of Uzbekistan.

It was noted with satisfaction that mutual trade rose two-fold, which reached US$2.5 billion at the end of last year. The volume of Korean investments in the economy of Uzbekistan amounts to US$7.5 billion.

During the high-level talks held today, the leaders agreed to fully support measures to increase trade and investment, introduce flexible mechanisms for financing joint projects, and create favorable conditions for business.

– We agreed to create a new partnership model in modern conditions. “A new time of high-tech and innovative cooperation” begins in our relations, the leader of our country emphasized.

An important decision was made to develop a strategic program to create a regional high-tech hub in Uzbekistan, which will cover priority areas.

This is cooperation in the field of critical raw materials, semiconductors, chemistry, mechanical engineering, smart agriculture, infrastructure and urban planning, and green energy.

The head of our state noted that in recent years the Republic of Korea has become a key partner in the modernization of the economy and industry of Uzbekistan.

Today, large projects worth US$5 billion are being implemented with leading Korean companies and banks.

Successful examples include the creation of a textile cluster with POSCO, a multidisciplinary children’s clinic with Eximbank and CNT, silicon mining and processing with Shingdong Enercom and others.

The leaders welcomed the fact that a package of new investment projects worth US$9.6 billion had been prepared within the framework of the business forum.

The head of our state especially emphasized the irreversible nature of the reforms being implemented in New Uzbekistan aimed at liberalizing the economy, ensuring the rule of law, the inviolability of private property and protecting the rights of investors.

– The potential of Uzbek-Korean cooperation is very high. Our economies can effectively complement each other, the President noted.

In this context, priority areas for further cooperation are identified.

First of all, this is the deep processing of strategic raw materials based on advanced Korean technologies with the further export of highly liquid products to third countries.

An important step in this direction was the signing of an agreement on joint production of ultra-thin copper foil. It is also planned to expand the activities of the Uzbek-Korean Scientific and Technological Center for Rare Metals.

As part of the partnership in the electrical industry, plans are outlined to create the first cluster of semiconductor products in Central Asia in the Tashkent region, as well as to expand cooperation in the production of electrical equipment and technical silicon.

Uzbekistan intends to develop a strategic partnership with Korean business in the chemical industry. Support was expressed for plans to implement projects for the production of “green” hydrogen, ammonia and rubber products.

In addition, as part of the current visit, the creation of a Chemical Technology Center is being launched with the support of Exim Bank and KOICA.

The important role of Korean companies in Uzbekistan’s regional leadership in the automotive industry was emphasized. Thus, together with KIA, the production of modern cars was launched in Jizzakh region.

The President of our country called on Korean business to actively participate in the process of localizing new models of machines and components.

Interest was expressed in developing partnerships in the field of digitalization of agriculture and the introduction of “smart” technologies in the agricultural sector.

In this regard, the parties welcomed the start of the implementation of large projects to create “green” greenhouses and gardens in the regions of our country, powered by renewable energy sources.

Uzbekistan is interested in Korea’s advanced experience in infrastructure development and urban planning. In this context, special attention is paid to the participation of Korean partners in the modernization of transport infrastructure on the basis of public-private partnership.

The signing of an agreement on the supply of Hyundai Rotem high-speed trains to our country was noted with satisfaction.

The importance of deepening interaction with Korean financial institutions was emphasized. As part of the summit, a Cooperation Program with the EDCF Fund to finance social and infrastructure projects worth a total of US$2 billion was signed.

The head of our state assured representatives of the Korean business community that the Government of Uzbekistan will actively support them in the timely and effective implementation of all agreements.

For these purposes, the introduction of a new system for coordinating and promoting joint projects was announced.

In turn, President of the Republic of Korea Yoon Suk Yeol highly appreciated the program of irreversible reforms being implemented under the leadership of President Shavkat Mirziyoyev, emphasizing the presence of large untapped opportunities for increasing the scale of mutually beneficial partnership.