A joint Uzbek-Korean business forum and cooperative exchange with the participation of entrepreneurs of the two countries was held in Lotte Hotel Seoul on June 20, 2019.
The purpose of this event was to promote the establishment of trade relations between Uzbek and South Korean companies, to work out the issues of creating new joint ventures and implementing new investment projects.
The forum was attended by South Korean companies engaged in oil, gas, chemical, petrochemical, geology and mining as well as officials from Uzbekistan, Deputy Minister of Investments and Foreign Trade of the Republic of Uzbekistan Mr. Laziz Kudratov, Amabassador Extraordinary and Plenipotentiary of the Republic of Uzbekistan to the Republic of Korea His Excellency Mr. Vitaliy Fen, giving a welcoming speech.
During the forum, proposals on the investment projects in oil, gas, chemical, petrochemical, geology and mining sectors were presented by the Deputy Director of “Neftegasinvest” LLC under the JSC “Uzbekneftegas” Mr. Jamshidbek Kirgizov, Deputy Head of the Department of the JSC “Uzkimyosanoat” Ms. Lobar Mirsaidova, Deputy Chairman of the State Committee of the Republic of the Uzbekistan on geology and mineral resources Mr. Agzam Kadirhodjaev, and First Deputy Chairman of the Board of JSC “Uzbekkumir” Mr. Erikin Yakubov.
The forum seemed to have great progress as a follow up measure to what had been established on April 19 held in Tashkent, the biggest Uzbek-Korean business forum ever made called the UZ EXPO. More than 500 companies from South Korea and Uzbekistan had participated along with President Moon Jae-in and President Shavkat Mirziyoyev on stage.
“For a long time, Uzbekistan and South Korea had active trade and economic ties” said Mr. Ikramov heads Chamber of Commerce and Industry of Uzbekistan during the UZ EXPO, adding “It is imperative to have active cooperation on the development of not only what had been in the past, but also for future industries.”
Uzbekistan, as Korea's main trade partner among the countries of Central Asia, accounts for over half of Korea's trade with the countries of the region. In January-October 2017, the trade turnover between Uzbekistan and South Korea has grown by 36 percent, thus reaching $1.1 billion.
The volume of Korean investments attracted to the economy of Uzbekistan exceeds $7 billion. Currently, there are more than 460 enterprises in Uzbekistan with the participation of Korean capital (386 joint ventures and 75 enterprises with 100 percent Korean capital).
These enterprises successfully operate in the oil and gas, petrochemical and chemical, machine-building, electrical and textile industries, information and communication technologies, transport, logistics and tourism.
With such importance on the activity of South Korean investors in the development of trade and economic ties between the two countries, the Uzbekistan-Korea business Forums that are yet to come are expected to have great potential and progress for further development of the two countries.