Seoul: Top economic policymakers of South Korea and Uzbekistan have discussed ways to expand bilateral exchanges in trade and supply chains, along with Economic Development Cooperation Fund (EDCF) projects, Seoul's finance ministry said Wednesday.
According to Yonhap News Agency, Deputy Prime Minister Koo Yun-cheol, who also serves as the finance minister, met with his Uzbek counterpart, Jamshid Khodjaev, in Seoul on Tuesday. The discussions centered on bilateral exchanges ahead of a summit between South Korea and Central Asian nations slated for next month. This meeting marked the third occasion the two officials have come together.
During their discussions, the officials explored strategies to achieve tangible results from bilateral projects while expanding trade based on mutual trust. The finance ministry revealed that the combined trade volume between the two countries reached US$971 million in the first half of 2026, representing a 22.4 percent increase from the previous year.
Koo emphasized the strategic importance of Uzbekistan as an economic partner amid global uncertainties and the reshuffling of supply chains driven by artificial intelligence innovation. He highlighted the necessity for mutually beneficial projects, focusing on their implementation to build on the strengths and potential of both countries.
The South Korean deputy prime minister also pledged to integrate AI solutions into EDCF projects in Uzbekistan to produce results that are beneficial and future-oriented for the people of both nations. South Korea initiated the EDCF program in 1987 to support economic and social infrastructure projects in developing countries.
In response, Khodjaev expressed agreement on the need to expand bilateral economic cooperation in areas such as AI data centers and critical minerals. He committed to supporting joint projects involving South Korean businesses. The two countries also agreed to accelerate major cooperation projects to maximize the outcomes of the upcoming South Korea-Central Asia summit scheduled for September, as stated by the finance ministry.