Korea-Uzbekistan to Strengthen Cooperation in Trade, Investment, and ODA Following COVID-19 Response Collaboration

The 3rd Korea-Uzbekistan Deputy Prime Ministers' Economic Meeting Held

New Uzbek Deputy Prime Minister: "We Will Actively Cooperate to Expand the Participation of Korean Companies in Infrastructure Development Projects"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is holding the '3rd Korea-Uzbekistan Deputy Prime Minister Economic Video Conference' with Uzbek Deputy Prime Minister Umurzokov at the Government Seoul Office in Gwanghwamun, Seoul, on the afternoon of the 6th.

[Asia Economy, Reporter Joo Sang-don] The governments of Korea and Uzbekistan have agreed to quickly achieve results in trade, investment, and official development assistance (ODA) sectors, leveraging their cooperation in response to the novel coronavirus disease (COVID-19).

The Ministry of Economy and Finance announced that Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki and Uzbekistan’s newly appointed Deputy Prime Minister Sardor Umurzakov held the 3rd Korea-Uzbekistan Deputy Prime Ministers' Economic Meeting via video conference this afternoon to discuss ways to maximize the outcomes of economic cooperation.

At the meeting, Deputy Prime Minister Umurzakov repeatedly emphasized that the stable management of COVID-19 infection levels in Uzbekistan is the result of adopting Korea’s outstanding response capabilities, expressing gratitude for the Korean government’s free provision of diagnostic kits (worth $250,000) and the dispatch of Korean medical experts.

In response, Deputy Prime Minister Hong expressed appreciation for the special relaxation of entry restrictions for Korean businesspeople and requested continued support to ensure smooth operations of companies operating locally.

Through discussions on trade, investment, and ODA, both sides agreed to promptly complete the ongoing joint study on the Korea-Uzbekistan Free Trade Agreement (FTA) and to continue bilateral and multilateral cooperation for Uzbekistan’s accession to the World Trade Organization (WTO). They also agreed to cooperate to successfully establish and stabilize Uzbekistan’s electronic trade platform project.

Regarding investment projects proposed as priority areas of interest between the two sides, they agreed to prioritize them through future working-level consultation channels and to thoroughly manage them to ensure tangible outcomes such as Korean companies’ investments in Uzbekistan and project contract awards.

In particular, Deputy Prime Minister Hong requested Uzbekistan’s special attention to key projects currently being pursued by Korean companies, including the Bukhara oil refinery, Shurtan gas chemical complex, and Mubarek power plant modernization. He also asked for active resolution of difficulties faced by local companies, such as the unpaid gas fees for Surgil and the maintenance of tax incentives for companies located in the Navoi Free Economic Zone, based on mutual trust between the two countries.

Deputy Prime Minister Umurzakov stated that Uzbekistan will be a partner in Korea’s "New Northern Policy" and will actively cooperate to expand the participation of Korean companies in various strategically promoted infrastructure development projects in Uzbekistan.

Additionally, the Tashkent Pharmaceutical Cluster project will pursue approval within this year for the first phase (specialized pharmaceutical and bio engineering university) under the Economic Development Cooperation Fund (EDCF). The development project of the Angren Free Economic Zone (advanced industrial zone) will explore cooperation plans with the Incheon Free Economic Zone Authority and Korean development public enterprises.

Regarding the concessional aid EDCF, since the basic agreement of $500 million signed in 2017 (2018?2020) expires this year, they agreed to actively consider signing an additional agreement within this year after comprehensively reviewing the remaining commitment utilization rate and medium-term candidate projects.

An official from the Ministry of Economy and Finance said, "This meeting served as an opportunity to maintain momentum for New Northern economic cooperation and to resume economic cooperation with Uzbekistan, a key country in the New Northern Policy, amid deteriorating external economic cooperation conditions due to COVID-19. The matters discussed today will be followed up through working-level consultations, and the 4th meeting will be held at an appropriate time in the future to review the outcomes."

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