Uzbekistan and South Korea to increase trade turnover to $4 billion

1 hour ago

Uzbekistan and South Korea intend to double their mutual trade, reaching $4 billion. To achieve this goal, the countries plan to form a joint working group, eliminate trade barriers, and expand direct ties between businesses.

This information was announced by Uzbek Deputy Prime Minister Jamshid Khodjaev following his working visit to Seoul, where he met with South Korean Deputy Prime Minister and Minister of Economy and Finance Koo Yun-chul.

According to Khodjaev, last year's trade turnover between the two countries approached $2 billion. Uzbekistan now aims to increase this figure to $4 billion annually.

The new working group will focus on finding ways to increase trade turnover, strengthen business contacts between businesses, and eliminate existing barriers. Particular attention will be paid to the KOTRA Trade and Investment Promotion Agency, which will support the promotion of Uzbek goods on the Korean market.

Cooperation is not limited to trade. South Korean investment in Uzbekistan has already exceeded $8 billion, and 725 companies with Korean capital currently operate in the country.

The parties are also preparing to host the Central Asia-Korea Summit, the 13th meeting of the Uzbek-Korean Intergovernmental Commission, and the first Uzbek-Korean Interregional Forum. These events are expected to bring together representatives of the regions, government agencies, and businesses. Furthermore, a "Made in Uzbekistan" exhibition will be organized, and opportunities for direct cooperation between regions and companies will be created.

Khojaev emphasized that a solid economic foundation has already been established between Uzbekistan and South Korea. The next step will be to develop this foundation through new projects, technologies, and direct cooperation between companies.

Earlier, during talks in Cholpon-Ata, the presidents of Uzbekistan and Kyrgyzstan, Shavkat Mirziyoyev and Sadyr Japarov, agreed to take bilateral cooperation to a new level. Following the meeting, the parties decided to create an Interstate Council, accelerate the launch of major infrastructure projects, and increase mutual trade turnover to $2 billion.