The Ministry of Agriculture of Uzbekistan has announced a new collaboration with Hyundai Agricultural Machinery, a leading South Korean company, to enhance the country's agricultural sector through the production of advanced farming equipment and technologies.
During a recent meeting between ministry officials and O. Park, the director of Hyundai Agricultural Machinery, both parties discussed the development of cooperation in agriculture, focusing on the potential of projects that would bring mutually beneficial outcomes for both nations.
Hyundai Agricultural Machinery specializes in the production of small and large-scale harvesting equipment for crops such as potatoes, onions, and carrots. The company also provides technologies for processing, packaging, and storage, which are crucial for improving the efficiency and productivity of the agricultural sector.
The discussions highlighted the importance of introducing these advanced technologies into Uzbekistan's agriculture. By adopting Korean standards in the production of harvesting equipment and related technologies, Uzbekistan aims to enhance its agricultural capabilities and ensure better management of its crop yields.
At the end of the meeting, an agreement was reached to begin the production of this equipment and technology in Uzbekistan, in collaboration with local producers. This partnership is expected to boost the agricultural sector, supporting local farmers with state-of-the-art machinery and techniques, and contributing to the overall growth of the country's economy.
South Korea has established itself as one of Uzbekistan's top five trading partners, alongside China, Russia, Kazakhstan, and Turkey. In the first seven months of 2024, Uzbekistan's foreign trade turnover reached $36.8bn, a 5.3% increase from the same period in 2023. Exports totaled $14.79bn, marking a slight decline of 1.1% compared to January-July 2023, while imports surged by 10.1% to $22.05bn. South Korea's contribution to this trade was notable, with bilateral trade reaching $1.19bn.
Although South Korea remains a key trading partner, trade volumes have been gradually decreasing over the past two years. Trade between the two countries was $1.4bn in 2022, dropped to $1.2bn in 2023, and has slightly decreased further to $1.19bn in 2024.
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