South Korea and Uzbekistan expand interregional economic cooperation
In Seoul, South Korea, more than 50 officials and regional leaders from South Korea and Uzbekistan took part in the first Uzbekistan–Korea Interregional Cooperation Forum. The sides discussed involving regions and businesses in investment and industrial projects, while Seoul pledged financial support through state mechanisms, The Korea Herald reports.
Uzbek Deputy Prime Minister Jamshid Khojaev called on Korean investors to invest more actively in critical minerals, digital technologies, transport and agriculture. According to him, bilateral trade in the first half of the year nearly reached $2 billion, and the countries plan to raise this figure to $5 billion.
Khojaev said that Korean investment in Uzbekistan has exceeded $8 billion and that more than 700 companies with Korean capital operate in the country. He also mentioned cooperation with Hyundai Rotem on high-speed trains and with Incheon Airport in airport development.
Investment priorities
South Korean Deputy Prime Minister and Finance Minister Koo Yun-cheol said Uzbekistan would play a central role in Seoul’s plans to expand economic engagement with Central Asia. He named critical minerals and energy supply chains, energy, biotechnology, transport, logistics and human resource development among the priorities.
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Koo also pledged state support through the Economic Development Cooperation Fund and the Supply Chain Stabilization Fund. According to him, the discussions should lead to concrete investment projects.
The Korean official cited examples of cooperation between Incheon and Fergana on special economic zones, South Gyeongsang Province and Tashkent Region on training industrial personnel, as well as South Chungcheong Province and Namangan Region on smart agriculture development.
City and provincial partnerships
Park Chan-dae, president of the Governors Association of the Republic of Korea, said that local authorities in the two countries had already established around 30 partnerships, including sister-city ties. He proposed identifying at least one project for each such partnership and creating a coordination channel for exchanging investment information and consultations.
Incheon and Fergana have already agreed to establish a working group that will review project progress quarterly. Fergana Governor Khayrullo Bozorov said that 48 companies with Korean capital operate in the region, while trade turnover with South Korea reached $70 million in the first half of the year.
