Tashkent, Uzbekistan (UzDaily.com) -- On 6 November, the 10th meeting of the Uzbek-Korean Intergovernmental Committee for Trade and Economic Cooperation was held in a videoconference format.

The meeting was chaired by Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Minister of Trade, Industry and Energy of the Republic of Korea Song Yun Mo.

According to the press service of the MIFT, during the event and exchange of views on key issues on the agenda, a firm commitment was expressed on both sides to expanding multifaceted cooperation in the fields of agriculture, energy, health care, information and communication technologies, pharmaceuticals, light industry, as well as banking. -the financial sector.

A significant increase in the growth of trade turnover between Uzbekistan and Korea was noted. At the same time, the parties emphasized the significant untapped potential in this direction, in connection with which further joint steps were discussed to deepen trade relations between the two countries in order to achieve a trade turnover of US$ 5billion in the near future. In this context, specific proposals were also voiced to eliminate existing barriers to trade and optimize conditions for the implementation of foreign trade operations by Uzbek and Korean companies.

Prospects for expanding successful cooperation in the investment sphere were discussed - it was noted that a package of large projects in the fields of petrochemistry, mining metallurgy, energy, textile industry, healthcare, pharmaceuticals, production of building materials and processing of fruits and vegetables is being implemented, agreements on which were reached during high-level visits to Korea in November 2017 and to Uzbekistan in April 2019.

At the same time, the parties emphasized the existence of a number of prerequisites for further expansion and diversification of investment cooperation through the development and implementation of new projects of industrial cooperation in the most promising areas and agreed to work closely in this direction.

As a result of the event, the protocol of the 10th meeting of the Uzbek-Korean Intergovernmental Committee on Trade and Economic Cooperation was signed, reflecting the main agreements reached during the event, and key areas for further deepening multifaceted cooperation between the two states.