On April 28, 2016 a Korean-Uzbekistan Forum "Invest in Uzbekistan" took place in Korea Exchange headquarters in Seoul.
The main objective of "Invest in Uzbekistan" was to present the leading enterprises of Uzbekistan in which the state share is going to be sold for foreign companies, as well as investment projects and programs aimed at setting up production facilities jointly with Korean companies.
The forum, jointly hosted by the two government and Korea Exchange, was attended by about 200 businesspeople and high-ranking government officials of the two countries, including Deputy Prime Minister Yo Il Ho and his Uzbek counterpart, Rustam Azimov.
The Korean side was presented by leading companies, including Lotte, Hanjin, Hyundai, Samsung, LG, POSCO, Kolon, and others that have been successfully cooperating with Uzbek partners for a number of years.
As it was pointed out at the event, the Republic of Korea is one of the key economic, investment and technological partners of Uzbekistan. With the active participation of South Korean businesses in Uzbekistan, a number of strategic projects in various sectors of the economy are being implemented.
One striking example of such cooperation is recently completed construction of Ustyurt Gas Chemical Complex at Surgil deposit worth about 4 billion dollars, carried out by a consortium of leading Korean companies - Korea Gas Corporation (KOGAS) and Lotte Chemical.
Along with it there are many other examples of successful cooperation with leading Korean companies in various industries including automotive, mechanical engineering, power generation, oil and gas, electrical, textile, information technology, telecommunications and many others.
The agenda of the event included plenary session, presentations by major foreign investors on their experience in doing business in Uzbekistan, panel sessions on various economic sectors with presentations of specific privatization objects.
At the plenary session Uzbek businessmen and officials explained their outlooks for both countries' economic tie-up, while proposing ways to cooperate in fields and areas of mutual concern.
Large companies such as Lotte Chemical, Korean Air, LG CNS shared their success stories for business in Uzbekistan along with possible future projects that the two countries could work on together.
During the panel discussions, such as "Oil-gas, chemical and energy sectors", "Electro-technical industry, machinery and construction material production", "Light industry and services", and "Bank-financial sector and insurance services", Korean participants were briefed on investment opportunities in various sectors of Uzbekistan's economy. In addition, representatives of Korea business community provided with extended information on joint stock companies of Uzbekistan that are interested in attracting foreign investments.
The participants at the conclusion of the Forum signed a number of bilateral documents stipulating further increase of bilateral cooperation in investment areas and privatization program of state assets of Uzbekistan.
One should note that since the establishment of diplomatic relations the Republic of Korea and Uzbekistan have forged the relations of Strategic Partnership. The two countries have been actively cooperating in the investment area. The parties have in place a bilateral agreement on promotion and mutual protection of investment.
Leaders of the Uzbek Delegation:
Deputy Prime Rustam Azimov, Minister Elyor Ganiev for Foreign Economic Relations, Investments and trade; Minister Khurshid Mirzakhidov for Development of Information Technology and Communication; Chairman Davron Khidoyatov of State Committee on Privatization, Demonopolization and Development of Competition; and Chairman Saidakhmad Rakhimov of the National Bank for Foreign Economic Activity.