Business circles of Uzbekistan and South Korea hold talks in Tashkent

The cooperation exchange was organized by the Chamber of Commerce and Industry of Uzbekistan (CCI). The delegation of South Korea included representatives of companies, producing components and spare parts for automobiles, the press service of the CCI said.

The meeting was aimed at establishing trade relations between Uzbek and South Korean companies, discussing creation of joint ventures in production of components and spare parts for automobiles in Uzbekistan.

During the meeting, the sides discussed issues of mutual cooperation in strengthening cooperation among entrepreneurs of two nations.

The Chamber of Commerce and Industry of Uzbekistan and Korea Industrial Complex Corp (KICOX) signed an agreement on cooperation.

Mutual trade between Uzbekistan and South Korea made up US$1.716 billion in 2015, imports of Uzbekistan made up US$1.558 billion and exports – US$158.1 million.

In six months of 2016, mutual trade turnover reached US$508.3 million, exports of Uzbekistan – US$103.67 million and imports – US$404.67 million.

The volume of investments of South Korea to economy of Uzbekistan exceeds US$7 billion.

Currently, 449 enterprises with foreign capital (376 joint companies and 73 enterprises with 100% Korean investments) operate in Uzbekistan. Some 72 Korean companies accredited their offices in Uzbekistan.

They operate in such spheres as oil and gas, petrochemical and chemical, mining, machinery, electrotechnical, textile and other areas.