The summit on June 14 between Uzbekistan and South Korea underwent the establishment of a Cooperation Program with the EDCF Fund, aimed at funding social and infrastructure projects worth $2bn. This partnership is designed to enhance Uzbekistan's infrastructure and social development efforts with support from Korean financial institutions.
Uzbekistan and South Korea convened a business forum aimed at bolstering bilateral cooperation across various sectors on June 14. The forum, attended by President Shavkat Mirziyoyev of Uzbekistan and President Yoon Suk Yeol of South Korea, highlighted the robust economic partnership between the two nations and set the stage for ambitious joint ventures and investments.
Historical Context and Current Relations
President Mirziyoyev emphasized South Korea's pivotal role as a major trade, investment, and technological partner for Uzbekistan. Over recent years, the bilateral trade volume has surged significantly, reaching $2.5bn by the end of last year. Korean investments in Uzbekistan's economy have soared to $7.5bn, marking substantial contributions to the country's modernization efforts.
Strategic Initiatives and Agreements
During the forum, both leaders affirmed their commitment to enhancing trade and investment through flexible financing mechanisms and favorable business conditions. President Mirziyoyev heralded a new era of high-tech and innovative cooperation, announcing plans to establish a regional high-tech hub in Uzbekistan. This initiative aims to focus on critical sectors such as raw materials processing, semiconductors, smart agriculture, and green energy.
Several strategic projects with Korean involvement were highlighted, including collaborations in textiles, healthcare, silicon mining, and more. Notable among these projects is the creation of a textile cluster with POSCO and a children's clinic with Eximbank and CNT, underscoring the breadth of collaboration across diverse sectors.
New Investment Avenues
A vital outcome of the forum was the unveiling of new investment projects worth $9.6bn, indicative of the burgeoning confidence and mutual interest between Uzbekistan and Korean businesses. These projects encompass strategic areas such as semiconductor production, chemical industry advancements including green hydrogen and ammonia production, and the establishment of a Chemical Technology Center.
Technological Advancements and Infrastructure Development
Uzbekistan expressed keen interest in leveraging Korean expertise in digitalization, infrastructure development, and urban planning. The upcoming establishment of a Semiconductor Cluster in the Tashkent region and the partnership in creating "smart" agricultural solutions further underscore the collaborative efforts towards technological advancement and sustainable development.
Transportation and High-Speed Rail
The agreement on Hyundai Rotem's supply of high-speed trains to Uzbekistan was highlighted as a important step towards modernizing the country's transportation infrastructure. President Mirziyoyev also emphasized the importance of Korean partnership in localizing new models of vehicles and components within Uzbekistan's burgeoning automotive industry.
Commitment to Reforms and Future Prospects
President Yoon Suk Yeol of South Korea commended Uzbekistan's commitment to irreversible reforms under President Mirziyoyev's leadership. He expressed optimism about the vast untapped potential for further expanding mutually beneficial partnerships, reflecting a shared vision for regional prosperity and stability.
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