Uzbekistan and South Korea have announced plans to double the volume of mutual trade in the coming years. To achieve this goal, both countries intend to establish a joint working group, eliminate existing trade barriers, and activate direct connections between companies.
This was reported by Uzbekistan's Deputy Prime Minister Jamshid Khojaev following his working visit to Seoul. During the visit, he met with South Korea's Vice Prime Minister and Minister of Economy and Finance, Koo Yun-chul. According to Khojaev, the trade turnover between the two states reached almost $2 billion last year, and Uzbekistan now aims to raise this figure to $4 billion annually.
The new working group will be responsible for developing measures to increase trade, as well as strengthening business ties between enterprises and eliminating barriers. Special attention is paid to the Korea Trade-Investment Promotion Agency (KOTRA), which will support the promotion of Uzbek products in the Korean market.
The countries' cooperation extends beyond mere trade. Currently, South Korean investments in Uzbekistan exceed $8 billion, and 725 companies with Korean capital operate in the country.
The parties are also preparing for the 'Central Asia - Korea' summit, which will be the 13th meeting of the Uzbekistan-Korea Intergovernmental Commission and the first Uzbekistan-Korea Interregional Forum. These events are scheduled to include a gathering of regional representatives, state bodies, and businesses, as well as the organization of the 'Made in Uzbekistan' exhibition to create conditions for direct interaction between companies and regions.
Jamshid Khojaev emphasized that a strong economic foundation has already been established between Uzbekistan and South Korea, and the next stage of development must be realized through the introduction of new technologies, projects, and strengthening direct interaction between companies.
In the context of bilateral cooperation, previously the presidents of Uzbekistan and Kyrgyzstan, Shavkat Mirziyoyev and Sadyr Japarov, agreed to elevate their partnership during negotiations in Cholpon-Ata. As a result of this meeting, it was decided to establish an Interstate Council, accelerate the launch of major infrastructure projects, and increase mutual trade turnover to $2 billion.
