A business forum of business circles of Uzbekistan and the Republic of Korea took place at the International Business Centre in Tashkent on 23 November.

A business forum of business circles of Uzbekistan and the Republic of Korea took place at the International Business Centre in Tashkent on 23 November.

Heads of ministries, agencies and companies of the two countries on foreign economic relations, trade, investments, oil and gas, geology and mineral resources, production of construction materials, car manufacture, food and chemical industries, pharmaceuticals, transport communications, logistics, information technologies, electronics, utilities, small business and private entrepreneurship and others took part at the forum, devoted to the issues of further development of trade, economic and investment cooperation.

Deputy minister of foreign economic relations, investments and trade of the Republic of Uzbekistan Shavkat Tulaganov, assistant minister of trade, industry and energy of the Republic of Korea Woo Tae-hee, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea in Uzbekistan Lee Wook-heon and others noted consistent development of cooperation between our countries in all spheres based on the agreements, reached during the meetings of heads of state of the two countries. In particular, the state visit of President Islam Karimov to the Republic of Korea this May elevated our relations to a higher level.

The Republic of Korea is one of the reliable and long-term strategic partners of Uzbekistan. A most favored nation status applies to trade between the two countries. Agreements on trade, on stimulating and mutual protection of investments, on avoiding double taxation serve in developing trade-economic ties.

There are 439 enterprises with Korean investments operating in Uzbekistan, 72 accredited representative offices of South Korean companies. At the end of 2014 the volume of mutual trade between Uzbekistan and South Korea reached 2 billion dollars and over first 9 months of this year - 1.2 billion dollars.

- Uzbekistan is a strategically significant partner of South Korea in Central Asia, - said assistant minister of trade, industry and energy of the Republic of Korea Woo Tae-hee. – As a result of works, carried out under the leadership of President Islam Karimov on structural transformation of the economy, Uzbekistan has been demonstrating dynamic and consistent growth. Vivid demonstration of this is GDP growth rates of over 8 per cents in the last eleven years. South Korean companies successfully carry out their business in many spheres in Uzbekistan. This business forum serves in further strengthening our mutually advantageous trade-economic and investment collaboration.

During the business forum, the representatives of the South Korean delegation got acquainted with the investment potential of Uzbekistan and opportunities for investment cooperation, including in the framework of "Navoi" FIEZ and SIZ "Angren".

They also discussed issues of further deepening trade-economic and investment cooperation between Uzbekistan and the Republic of Korea.

Considerable attention was paid to promising project proposals in the field of chemical and petrochemical, pharmaceutical, electrical industry, information and communication technologies.

Uzbek - Korean Cooperation Exchange took place on the same day with participation of companies and enterprises of Uzbekistan and representatives of business circles of the Republic of Korea. Businesspeople of the two countries shared views on joint development and implementation of mutually beneficial and prospective projects.