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Economy 05/05/2009 South Korea invests over US$2bn into Uzbekistan
South Korea invests over US$2bn into Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) -- President of the Republic of Korea Lee Myung-bak will pay a state visit to Uzbekistan on 10-12 May on the invitation of the President of Uzbekistan Islam Karimov.

During the visit, the sides will discuss issue of expanding and strengthening cooperation between Uzbekistan and Korea, actual issues of regional and international character of mutual interest.

It is planned to sign bilateral documents, directed to deepen interaction between the states in various spheres, on the result of the negotiations.

South Korea recognized independence of Uzbekistan on 30 December 1991. The countries established diplomatic relations on 29 January 1992.

Tashkent and Seoul and Ferghana and Yongin established cooperation in municipal levels.

South Korea is one of the leading trade-economic and political partners of Uzbekistan in Asian-Pacific region.

Trade turnover between Uzbekistan and South Korea increased by 23.7% in 2008 to US$1.056 billion. Uzbekistan exports to South Korea mainly cotton-fiber, transport, tourism, communication services, food products, chemical products and plastics, ferrous metals, etc.

South Korea invested over US$2 billion into economy of Uzbekistan. Economic Development and Cooperation Fund of South Korean Eximbank allocated soft credits for US$117 million, which were directed to realization of priority projects.

Over 350 enterprises with the South Korean capital work in Uzbekistan, of which 57 are with 100% Korean capital. They operate in various sectors of economy, including light and chemical industry, food industry, trade, machinery, etc.

Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan accredited 91 representative offices of South Korean companies.

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