Pharmaceutical industry: ongoing new strategic initiatives
A delegation led by Medical and Pharmaceutical Industry Development Agency Director Abdulla Azizov visited the Republic of Korea.
The delegation met with Young Jae Ho, Vice President of the Korea Cosmetics Association (KCA), and held a roundtable with representatives of leading South Korean cosmetics companies.
The parties discussed conditions for attracting foreign investment, opportunities offered by free economic zones, and government support mechanisms for investors. The parties paid particular attention to attracting direct investment from leading Korean companies that are KCA members, establishing production of high-tech cosmetics and cosmeceuticals in Uzbekistan, and developing contract manufacturing based on OEM/ODM models.
Following the meeting, the parties agreed to continue their cooperation in areas such as attracting advanced technologies and investment, expanding local production, technology transfer, and manufacturing export-oriented products.
The delegation, led by Abdulla Azizov, also met with Hwang Eunho, Director General of the Eurasia Department at the Export-Import Bank of Korea (KEXIM). The parties reviewed a project to establish the BioGen National Artificial Intelligence Research Center as part of the third phase of the BioPharma City cluster development.
Following the meeting, the parties agreed to sign a Memorandum of Cooperation to implement the project.
Delegation members also participated in the Uzbekistan – Korea Business Forum. The event brought together representatives of the Government of the Republic of Korea, executives from major companies, and members of the business community.
The forum covered expanding trade, economic, and investment cooperation between the two countries, implementing joint projects, and promoting new investment initiatives.
The forum also included talks with the management of MIBA, a company operating in the pharmaceutical and cosmetics sectors. During the meeting, the Uzbek side presented opportunities to develop Uzbekistan’s pharmaceutical and cosmeceutical industries, available investment incentives, and the potential of the BioPharma City pharmaceutical cluster.
The parties exchanged views on prospects for launching joint manufacturing projects in Uzbekistan, attracting investment, and introducing advanced technologies. MIBA executives were invited to Uzbekistan to discuss specific areas for further cooperation.
During a meeting with Lee Young Gyu, Chairman of the Korea Medical Device Association (KMDA), the parties discussed transferring medical equipment, diagnostic and rehabilitation technologies, and Medical IT solutions to Uzbekistan. Particular attention was given to involving more than 730 Association member companies in manufacturing and investment projects in Uzbekistan.
Agreements were reached to arrange visits by executives of Korean companies to Uzbekistan.
The delegation also discussed with the management and industry experts at South Korea’s leading medical institutions – Yonsei University Severance Hospital and Asan Medical Center – promising areas of cooperation in the design and management of modern medical centers and in improving hospital efficiency.
Mohigul Qosimova, UzA
