Uzbek-Korean business forum takes place in Tashkent

Fund for support of exports of small business and private entrepreneurship of Uzbekistan (EPF) organized the events in cooperation with the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan.

The events were organized within the visit of the delegation of South Korean business circles led by the Vice-President of Korea International Trade Association (KITA) Ahn Hyun-ho to Uzbekistan.

Acting director of EPF Jahongir Mustafaev said that the events were directed at establishing and strengthening mutual beneficial cooperation between Uzbekistan and South Korea. He added that Uzbekistan highly rates professionalism and business quality of businesspeople from South Korea. He underlined that South Korea is one of largest trade partners of Uzbekistan.

Total volume of trade between two states is growing each year. In 2013, the trade turnover between two nations hit US$2.121 billion.

Jahongir Mustafaev said that attraction of modern technologies for new and modernization of existing capacities in Uzbekistan is main direction of bilateral cooperation between Uzbekistan and South Korea.

KITA Vice-President Ahn Hyun-ho said that there are over 170,000 ethnic Koreans in Uzbekistan and about 2,000 citizens of South Korea work in Uzbekistan. He added that this help to develop bilateral ties. He said that some South Korean companies are working in Uzbekistan with success.

During the business forum, the sides considered issues of further deepening economic cooperation between two nations. Korean partners familiarized with investment climate in Uzbekistan, including in special industrial zones Navoi and Angren.

The participants considered perspectives of cooperation in such spheres as trade, perspective investment projects in automobile, agriculture machinery, electrotechnical industries. The participants learnt successful experience of work of the South Korean companies.

At the end of the forum, Fund for support of exports of small businesses and private entrepreneurs under the National Bank of Uzbekistan for Foreign Economic Activity (EPF) and Korea International Trade Association (KITA) signed a memorandum of understanding, in line with which the organizations will assist businesses of two states to establish business contacts.

South Korea is a strategic partner of Uzbekistan. The sides signed over 200 agreements so far. South Korea is one of the largest investor into economy of Uzbekistan. According to the State Statistics Committee of Uzbekistan, South Korea invested over US$1.5 billion into Uzbekistan.

Currently, there are 418 companies with Korean investments, of which 70 are with 100% Korean capital. They work in such areas as trade, light industry, mining, chemical, food, machinery and metallurgy, healthcare, tourism, services, etc.

Some 78 South Korean companies accredited at the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan.