Uzbekistan and South Korea ink 34 investment agreements

Earlier, it was reported that total cost of these documents makes up about US$7.7 billion.

The press service of the President of Uzbekistan said that about 34 agreements were signed in investment cooperation sphere, including five projects in petrochemical and chemical industries, nine projects in automobile industry and five projects in electrotechnical sphere.

Among them are perspective projects on deep processing of hydrocarbons, introduction of modern technologies on processing of gas to methanol and olefins, modernization of nitric acid production capacities, production of three global models of automobiles, production of new generation of automobile engines, transmissions and components, production of modern home appliances.

Seven projects in pharmaceutical industry envisage production of drugs for the treatment of cancer, endocrine, eye diseases, respiratory diseases and digestive system.

Uzbekistan and South Korea signed seven agreements on attracting preferential loans of South Korea within the financial cooperation sphere. Within the six agreements, Uzbekistan attracts soft loans of South Korean banks for US$2.9 billion to finance projects within the programmes on modernization and diversification of industry and development of infrastructure. A loan agreement for financing of the project “Further developing information-communication technologies in school education” was also signed. Within the agreement, EDCF will allocate the loan for US$33 million to Uzbekistan

Uzbekistan and South Korea also inked a programme of cooperation within EDCF line for 2015-2019, which envisages implementation of six projects with attraction of long-term soft loans for US$415 million.

The funds will be used to construct 4th level medical center in Tashkent, creation of state data processing center at electronic government system, introduction of intellectual water management system with the use of ICT.

A programme of cooperation with the Korea International Cooperation Agency (KOICA) for 2015-2017 envisages implementation of 11 projects with attraction of grants for US$58 million.

The grants will be used to develop feasibility study on modernization of Tashkent airport with construction of new international terminal, creation of centers for training medical specialists and maintenance of medical equipment, organization of vocational training centers in Khorezm and Ferghana regions, creation of information-resource center at Tashkent University of Information Technologies with introduction of electronic education system and creation of laboratory.

In trade-economic cooperation, large export constructs on supply of cotton fibre, non-ferrous metals, automobile cables, mineral fertilizers, fruits and vegetables, as well as other products from Uzbekistan to South Korea were inked.