Shavkat Mirziyoyev, Yoon Suk Yeol take part in a joint business forum

In his speech, President Mirziyoyev emphasized that the Republic of Korea has traditionally been one of Uzbekistan’s major trade, investment and technological partners.

We noted with satisfaction the two-fold increase in mutual trade, which reached $2.5 billion at the end of last year. The volume of Korean investments in the economy of Uzbekistan amounts to $7.5 billion.

– We agreed to create a new partnership model in modern conditions. “A new time of high-tech and innovative cooperation” begins in our relations, the leader of our country emphasized.

An important decision was made to develop a strategic program to create a regional high-tech hub in Uzbekistan, which will cover priority areas.

This is cooperation in the field of critical raw materials, semiconductors, chemistry, mechanical engineering, smart agriculture, infrastructure and urban planning, and green energy.

The leaders welcomed the fact that a package of new investment projects worth $9.6 billion had been prepared within the framework of the business forum.

Priority areas for further cooperation have been identified.

First of all, this is the deep processing of strategic raw materials based on advanced Korean technologies with the further export of highly liquid products to third countries.

An important step in this direction was the signing of an agreement on joint production of ultra-thin copper foil. It is also planned to expand the activities of the Uzbek-Korean Scientific and Technological Center for Rare Metals.

As part of the partnership in the electrical industry, plans are outlined to create the first cluster of semiconductor products in Central Asia in the Tashkent region, as well as to expand cooperation in the production of electrical equipment and technical silicon.

Uzbekistan intends to develop a strategic partnership with Korean business in the chemical industry. Support was expressed for plans to implement projects for the production of “green” hydrogen, ammonia and rubber products.

In addition, as part of the current visit, the creation of a Chemical Technology Center is being launched with the support of Exim Bank and KOICA.

The important role of Korean companies in Uzbekistan’s regional leadership in the automotive industry was emphasized. Thus, together with KIA, the production of modern cars was launched in the Jizzakh region.

The President of our country called on Korean business to actively participate in the process of localizing new models of machines and components.

Interest was expressed in developing partnerships in the field of digitalization of agriculture and the introduction of “smart” technologies in the agricultural sector.

In this regard, the parties welcomed the start of the implementation of large projects to create “green” greenhouses and gardens in the regions of our country, powered by renewable energy sources.

Uzbekistan is interested in Korea’s advanced experience in infrastructure development and urban planning. In this context, special attention is paid to the participation of Korean partners in the modernization of transport infrastructure on the basis of public-private partnership.

The signing of an agreement on the supply of Hyundai Rotem high-speed trains to our country was noted with satisfaction.

The importance of deepening interaction with Korean financial institutions was emphasized. As part of the summit, a Cooperation Program with the EDCF Fund to finance social and infrastructure projects worth a total of $2 billion was signed.