The government of Uzbekistan will hold conference on the Navoi Free Industrial Economic Zone (NFIEZ) ― offering new investment opportunities for Korean partners in Uzbekistan ― at Lotte Hotel in Seoul on 5 March.

The purpose of such a conference is to inform the Korean business community of the opportunities of the economic zone, which is to be established in Navoi city, Uzbekistan, and the incentives and privileges offered to foreign investors.

The delegation headed by Rustam Azimov, first deputy prime minister of Uzbekistan, comprising nearly 40 government officials and leading businessmen, will take part in the conference, the article reads.

The Uzbek delegation is expected give a presentation to the audience on NFIEZ, and Korean businessmen will share their views on how to do business in Uzbekistan.

Furthermore, thematic round tables on priority directions of bilateral cooperation, such as oil-and-gas, chemical and petrochemical, textile, electronics industries, IT and telecommunications, manufacturing of construction materials, pharmaceutical and food industries and the manufacturing and processing of agricultural products will be organized there, and concrete investment projects will be shown to the public.

As strategic partners, Uzbekistan and Korea attach great importance to promoting all-around mutually beneficial cooperation.

Korea is one of the major investors in Uzbekistan’s economy, and its financial and technical assistance plays an important role in the progressive implementation of economic reforms in the country, Uzbek envoy said in the article.

Today, the total amount of Korean direct investment to Uzbekistan has exceeded US$2 billion and the volume of soft loans allocated by the Export-Import Bank of Korea through its Economic Development and Cooperation Fund (EDCF) has totaled US$107 million, the article said.

Financial assets rendered by Korea are directed at the realization of joint projects in leading sectors of Uzbekistan’s economy, such as mining, oil and gas, the chemical and textile industries, IT and telecommunications, machinery, agriculture, transport infrastructure, public health services, education, small and private business, the privatization of large enterprises and more, and the Korea International Cooperation Agency (КОICА), which has operated in Uzbekistan since 1995, has been actively engaged in providing the technical assistance of the Korean government to Uzbekistan.

Thus far, more than 830 officials from ministries and government agencies in Uzbekistan have undergone KOICA training programs.

The volume of bilateral trade steadily grows. In 2008, it increased by 83% to nearly US$1.1 billion, with more than 313 Uzbek-Korean joint ventures, including 41 that are 100% Korean-owned, while 73 representative offices of Korean companies are accredited in Uzbekistan.

Uzbek ambassador expressed his confidence that the forthcoming conference on NFIEZ in Seoul will significantly contribute to strengthening the strategic partnership and cooperation between Uzbekistan and Korea in the years to come.