Laziz Kudratov, Minister of Investment, Industry, and Trade of Uzbekistan, met with Chang Won Sam, President of the Korea International Cooperation Agency (KOICA) on September 9. The meeting culminated in the signing of a Memorandum of Understanding (MoU) worth $300mn between Uzbekistan's Ministry of Investment, Industry, and Trade and KOICA.
The MoU encompasses 29 key projects worth $300mn, aimed at improving public administration, addressing climate change, and advancing educational development. This agreement signifies a major step in deepening the bilateral ties between Uzbekistan and South Korea.
During the meeting, both parties highlighted the positive trajectory of their multifaceted cooperation. KOICA has been instrumental in advancing education, public administration, medicine, and digitalization in Uzbekistan, having supported over 40 projects and programs with a combined value exceeding $250mn.
The discussions also centered on future collaboration, with an emphasis on regional development projects, infrastructure improvements, and the provision of consulting and technical assistance to refine Uzbekistan’s export and investment policy management.
The MoU represents a continued commitment to deepening the partnership between Uzbekistan and South Korea, reflecting the strategic importance of their economic and diplomatic relations.
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, reflecting a 5.3% increase from the same period in 2023.
Of this total, exports were valued at $14.79bn, marking a slight decline of 1.1% compared to January-July 2023. However, imports rose by 10.1% to $22.05bn.
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