Uzbekistan and Korea Seek to Double Bilateral Trade

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan and the Republic of Korea intend to double bilateral trade in the coming years. Trade turnover approached US$2 billion last year. The agreements were discussed during a meeting between Deputy Prime Minister of Uzbekistan Jamshid Khodjaev and Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Yoon Cheol-gyu during Khodjaev’s working visit to Seoul. This was reported by Uzbekistan’s Deputy Prime Minister Jamshid Khodjaev on LinkedIn.

To achieve this goal, the sides discussed establishing a joint working group to expand trade and remove existing barriers, strengthening direct business contacts, and making greater use of the Korea Trade-Investment Promotion Agency (KOTRA) to promote Uzbek products in the Korean market.

Particular attention was paid to investment cooperation. Korean investment in Uzbekistan’s economy has already exceeded US$8 billion, with 725 companies with Korean capital operating in the country.

The visit also included an Uzbek-Korean business roundtable in Seoul attended by representatives of leading Korean companies, including Dongwon F&B, Hyundai Motor Group, DH Media Tech, Envelops, LX International, Hansae Mobility, Robotis, Somang Global, Meta On Tech, SK Nexilis and Sungshin L&P. Relevant ministries and government agencies of Uzbekistan have already been assigned to work with each company.

The next step is to implement the agreements reached and move the initiatives toward practical projects. Some of the companies represented at the roundtable are already implementing projects in Uzbekistan. The discussions focused not only on attracting investment but also on technology transfer, production localization, manufacturing high-value-added products and developing exports.

Over the two-day visit, separate meetings were also held with the leadership of the Federation of Korean Industries (FKI), Sookmyung Women’s University (SMWU), the Export-Import Bank of Korea (KEXIM), the Korea Overseas Infrastructure & Urban Development Corporation (KIND), and Haeahn Architecture and Somang Global.

The first day of the working visit was devoted to meetings with the heads of Korea East-West Power, Studio Galilei/GS Global, Yooshing Engineering, Korea District Heating and the Korea Institute of Geoscience and Mineral Resources (KIGAM). The sides discussed opportunities to introduce Korean experience and technologies in Uzbekistan in energy efficiency, infrastructure and engineering solutions, including public transport modernization, digital solutions and industrial process modernization.

Particular attention during the visit was also given to preparations for the upcoming Central Asia-Republic of Korea Summit, the 13th session of the Intergovernmental Commission on Trade and Economic Cooperation between Uzbekistan and Korea, and the first Uzbek-Korean Interregional Forum. Regional leaders, government officials and businesses from both countries are expected to participate in these events. The plans also include a Made in Uzbekistan exhibition and the establishment of direct links between regions and companies of the two countries.