Uzbekistan and South Korea plan to create a joint working group aimed at increasing bilateral trade to $4 billion per year, Uzbek Deputy Prime Minister Jamshid Khodjayev announced on social media.
During a working visit to Seoul, Khodjayev met with South Korea's Deputy Prime Minister and Minister of Economy and Finance, Koo Yun-cheol.
"Last year, trade between Uzbekistan and Korea approached $2 billion, and in the coming years this figure can be doubled. To help achieve this goal, we discussed the creation of a joint working group to expand trade and remove existing barriers, strengthen direct business contacts between enterprises, and make more active use of KOTRA's capabilities to promote Uzbek products in the Korean market," he noted.
Khodjayev noted that the sides have significant potential for expanding investment cooperation as well. In particular, he said, South Korean investments in Uzbekistan have already exceeded $8 billion, and 725 companies with Korean capital are currently operating in the country.
"We also discussed preparations for the upcoming Central Asia-Korea summit, as well as the 13th meeting of the Uzbek-Korean intergovernmental commission and the first Uzbek-Korean interregional forum. We plan to bring together regional leaders, government agencies, and business representatives from both countries, organize the Made in Uzbekistan exhibition, and establish direct ties between regions and between enterprises," he noted.
The Deputy Prime Minister added that Uzbekistan has built a solid economic foundation in its relations with Korea. "The next step is to develop this foundation through new projects, technologies, trade, and direct cooperation between our companies and regions," Khodjayev said.