South Korea and Uzbekistan to strengthen cooperation

Korean-Uzbek Business Association will act as a bridge in the process of mutual exchanges and establishing various ties between the two countries, Trend reports with the reference to Dunyo information agency.
“On April 2, 2020, we received a license to carry out activities from the Ministry of Trade, Industry and Energy and founded Korean-Uzbek Business Association,” said Chairman of the Korean-Uzbek Business Association Kim Yong-Ku.
“In Uzbekistan Korean culture is especially popular. In addition, Uzbekistan is one of the key countries in the implementation of the New Northern Economic Policy pursued by the government of the Republic of Korea,” said Deputy Chairman Kim Chang-keon.
He also added that Uzbekistan actively promotes the attraction of foreign capital, and also provides various benefits to foreign investors, in particular South Korean investors.
The government of Uzbekistan is also actively supporting the provision of the required various infrastructure. In addition, not only the domestic market of Uzbekistan has a very high potential, the country also has very favorable geopolitical conditions, since Uzbekistan gives an opportunity to enter the markets of the neighboring countries of the Central Asian region, in South-West Asia and Europe.
On the part of Uzbekistan, in November 2018, a Trade Representation was created in the Republic of Korea in order to increase the volume and intensify trade between the two countries.
“We do not have any special restrictions regarding the conditions for admission to the Association. If you are interested in Uzbekistan, if you like Uzbekistan, you can become a member of our Association,” said Kim Chang-keon.
Currently, about 600 South Korean companies operate in Uzbekistan. However, at the moment, the industrial structure of Uzbekistan is still based on light industry, so this direction is promising for entrepreneurial activities.
Currently, work is underway to promote the signing of the Free Trade Agreement between the Republic of Korea and the Republic of Uzbekistan.
The volume of trade turnover between the two countries in 2019 amounted to $2.1 billion. Of this amount, Korea’s surplus was approximately $2 billion, which shows a significant imbalance in this process.
The government of Uzbekistan proposed the conclusion of a free trade agreement in order to eliminate such inequality. On the part of the Korean government, which is currently promoting the New Northern Economic Policy, it is necessary to look for exits deep into the Eurasian continent.
“At the moment, active working discussions are underway at the level of the ministries of the two countries. And if the visit of the president of Uzbekistan to Korea is carried out this year, as far as I know, during the visit it is planned to sign a document by the leaders of the two countries,” said Kim Chang-keon.

Source: TREND News Agency

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