Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan and Ministry of Nature Protection of South Korea organized the event.

The business forum was dedicated to issues of further developing bilateral trade-economic and investment cooperation.

During the forum, South Korean businesses received information on economic potential of Uzbekistan. The guests familiarized with privatization processes, reforms in economy, and opportunities at the Navoi free industrial-economic zone. Participants noted that it is important to expand and strengthen direct business contacts between Uzbekistan and South Korea.

The event was attended by the firms and companies from South Korea, including KOGAS, KANGV, Kwangshin, Eroom G&G, Engine Tech, NK.

Director of department on management of climate and air quality of the Ministry of Nature Protection of South Korea Kuk Hyun Su said: “Uzbekistan has large natural gas reserves. The forum is good opportunity to discuss issues on expanding of cooperation with Uzbekistan on transfer of vehicles to liquefied and compressed gas consumption and construction of automobile gas fuelling compressor stations and gas fuelling stations. We also exchanged opinion on preventing ecological problems related with transfer of vehicles to gas.”

The forum participants considered issues of further developing trade-economic and investment cooperation of two states, including in transport and logistics, industry, and attracting South Korean firms to privatization processes in Uzbekistan.

South Korea is one of the largest investment partners of Uzbekistan. The country invested US$2 billion into economy of Uzbekistan. The countries set the most favourable trade regime. The trade volume of two states rose by 8.2% in 2009.

Currently, there are over 350 Uzbek-Korean joint ventures in Uzbekistan. Some 90 South Korean companies launched their representative offices in the country. They specialize in such spheres as machinery, trade, chemistry, light industry, metal processing, pharmaceuticals, tourism and service.