Uzbekistan Hosts Korea Business Forum at TIIF-2026

Tashkent, Uzbekistan (UzDaily.com) — A Uzbekistan–Korea business forum was held at the InterContinental Tashkent hotel as part of the 5th Tashkent International Investment Forum (TIIF-2026), focusing on expanding trade, economic, investment and industrial cooperation between Uzbekistan and the Republic of Korea.

The forum served as one of the key TIIF platforms for discussing prospects for strategic partnership, promoting new investment projects and deepening practical engagement between business communities of the two countries.

The event brought together representatives of government agencies, financial institutions, sector associations and leading companies from Uzbekistan and South Korea.

During the forum, an official address from President of the Republic of Korea Lee Jae Myung was read out, emphasizing the importance of further expanding multifaceted cooperation, strengthening investment partnerships and creating new points of economic growth between the two countries.

More than 300 Korean business representatives took part in the forum, including POSCO, Samsung, Lotte, Daewoo E&C, Hyundai Rotem, Korea Overseas Infrastructure & Urban Development Corporation (KIND), Incheon International Airport Corporation, KOTRA, Korea Eximbank, Youngone Corporation, Bomi Engineering & Construction and ZYX Technology, among others.

Discussions covered investment projects in geology and mining, transport and logistics, aviation, urban development, industrial cooperation, pharmaceuticals, light industry, information and communication technologies, finance and infrastructure development.

Deputy Minister of Investments, Industry and Trade of Uzbekistan Ilzat Kasymov presented ongoing reforms aimed at improving the business environment and enhancing the country’s investment attractiveness. He noted that more than 200 licenses and permits have been abolished in Uzbekistan, the number of taxes has been reduced from 13 to 9, and the value-added tax rate has been lowered from 20% to 12%.

He added that the foreign exchange market has been fully liberalized and all restrictions on the free repatriation of dividends and income abroad have been removed. It was also noted that Uzbekistan’s GDP has doubled in recent years and is projected to reach US$147 billion by the end of 2026, rising to US$240 billion by 2030.

Kasymov also announced joint initiatives with Korean partners, including projects with KAIT to establish a biotechnology cluster and with KOTRA to create a joint industrial zone, calling on Korean companies to participate in these investment platforms.

President of the Korea Overseas Infrastructure & Urban Development Corporation (KIND) Kim Bok Hwan spoke about ongoing infrastructure projects in Uzbekistan, noting that US$2.5 billion has already been channeled through managed investment funds and that the organization operates in more than 88 countries.

He said that joint projects include the new Tashkent Airport, the Tashkent Smart Bio-Cluster and Tashkent Smart Logistics City. He also noted that Uzbekistan’s geographic position makes it an important partner for developing regional logistics and transport infrastructure.

The Tashkent Smart Bio-Cluster project is being implemented in the Zangiota district of Tashkent region on a 61-hectare site, with a value exceeding US$100 million. The project aims to develop the pharmaceutical industry and introduce innovative technologies.

Representatives of Korea Eximbank said cooperation with Uzbekistan is expanding in transport, energy, gas industry and infrastructure sectors. They also noted that the new Tashkent Airport project and related logistics could mark a new stage in bilateral economic relations.

The Korean side reported allocating 10 trillion won for strategic projects last year and plans to maintain a similar level of financing this year.

Deputy Director of the Agency for Light Industry Development of Uzbekistan Rukhullo Zikrillaev highlighted the transformation of the textile industry, noting a shift from raw cotton exports to full-cycle production with high value-added output.

According to him, more than 65% of the US$4 billion textile exports consist of finished goods, including clothing, home textiles and technical textiles. He also mentioned a system of concessional loans and 15 types of subsidies supporting the sector.

Youngone Corporation was separately highlighted for implementing projects worth about US$30 million in the Samarkand and Tashkent regions.

At the conclusion of the forum, a number of agreements and memorandums were signed, including a trilateral memorandum between the Ministry of Investments, Industry and Trade, the Agency for Pharmaceutical Industry Development and KIND.

The forum also included G2B and B2B meetings focusing on investment projects, industrial cooperation and technological collaboration.

The event concluded with both sides reaffirming their commitment to strengthening Uzbekistan–Korea relations, expanding investment and implementing new joint projects.