Uzbekistan's trade relations with South Korea are experiencing a significant boost, with exports to South Korea surging by 15% compared to the same period last year. Additionally, Uzbekistan has attracted over $7 bn in direct Korean investments into its economy since the beginning of 2023. A recent meeting between Uzbekistan's Deputy Prime Minister Jamshid Khodjaev and Korea's Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho on September 7 in Tashkent highlighted the growth in bilateral cooperation and the expansion of joint projects.
Trade Growth and Investment Inflow
The noteworthy 15% increase in Uzbekistan's exports to South Korea demonstrates the strengthening economic ties between the two nations. This growth in trade is a testament to the mutually beneficial partnership that has been developing over the years. Notably, Uzbekistan has managed to attract a substantial sum of direct Korean investments, totaling more than $7 bn since the beginning of 2023. This influx of investments reflects the confidence of Korean investors in Uzbekistan's economic potential and prospects.
Constructive Bilateral Meeting
During the meeting between Deputy Prime Minister Jamshid Khodjaev and Deputy Prime Minister Choo Kyung-ho, both parties engaged in a productive exchange of views. They discussed the progress of ongoing joint projects and identified promising areas for further development of their multifaceted cooperation. This constructive dialogue underscores the commitment of both nations to strengthen their economic and trade ties.
KOICA's Role and Impact
Uzbekistan highlighted the effectiveness of its cooperation with the Korean International Cooperation Agency (KOICA). This partnership has facilitated the implementation of 33 projects in Uzbekistan with a total value of $141 mn. Furthermore, KOICA has played a pivotal role in enhancing human capital by organizing more than 2,000 internships in Korea for Uzbek specialists. This emphasis on capacity building and project collaboration exemplifies the comprehensive nature of Uzbekistan-Korea cooperation.
Agreements and Future Prospects
The meeting between the Deputy Prime Ministers culminated in the signing of a protocol outlining key agreements and the main directions for deepening multifaceted cooperation between Uzbekistan and South Korea. This protocol signifies a commitment to expanding their partnership in various sectors and exploring new avenues of collaboration.
Uzbekistan's trade relations with South Korea are thriving, with a substantial increase in exports and a significant influx of direct Korean investments. The recent bilateral meeting between Deputy Prime Ministers further solidified their commitment to mutual growth and cooperation. Uzbekistan's collaboration with KOICA has also been instrumental in driving various projects and skill development initiatives. As both nations continue to strengthen their economic ties, the future of their multifaceted cooperation appears promising and mutually beneficial.
Earlier Daryo reported that Uzbekistan's President Shavkat Mirziyoyev held talks on September 7 with a delegation led by South Korea's Deputy Prime Minister and Minister of Economy and Finance, Choe Kyung-ho.
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