Uzbekistan, South Korea Boost Finance Cooperation

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan and the Republic of Korea have agreed to expand cooperation in public financial management and the introduction of digital technologies in budget processes.

The meeting took place between Abdulaziz Khaydarov, Chairman of the Treasury Service Committee under the Ministry of Economy and Finance of Uzbekistan, and Yoon Jong Sik, Deputy Director General of the Budget and Accounting Innovation Bureau of the Ministry of Economy and Finance of the Republic of Korea.

During the talks, the sides focused on implementing modern information and communication technologies to improve the efficiency of public financial management.

Special attention was given to the digitalization and automation of the budget process, which participants said would reduce the human factor and accelerate managerial decision-making.

The discussions also covered improving transparency in financial operations and strengthening accountability mechanisms. Both sides considered approaches to enhancing public and institutional oversight, as well as ensuring openness and reliability of financial data.

Following the visit, a memorandum of understanding was signed between the Treasury Service Committee of Uzbekistan and the Fiscal Information Service of the Republic of Korea. The document aims to develop public financial management information systems, exchange expertise, and strengthen institutional cooperation.

The agreement establishes a legal framework for joint projects, adoption of best practices, integration of digital solutions, and capacity building for specialists in the field.

During the visit, meetings were also held with the National Strategy for Artificial Intelligence Council under the President of the Republic of Korea and the National Information Society Agency.

The Uzbek delegation was briefed on public sector digital reforms, the implementation of artificial intelligence technologies, and the use of data-driven analytics platforms for decision-making.

The sides emphasized the importance of studying and adapting international experience to further develop national governance systems and improve the effectiveness of fiscal policy.