InnoBiz Association Holds Korea-Uzbekistan Technology Exchange Consultation Meeting

At the Korea-Uzbekistan Technology Exchange Consultation, pre-matched domestic companies and local Uzbek companies are conducting consultations together.

[Asia Economy Reporter Donghyun Choi] The Innobiz Association announced on the 19th that it held the '2022 1st Korea-Uzbekistan Technology Exchange Consultation Meeting' at the Grand Mir Hotel in Tashkent, Uzbekistan, in collaboration with the Ministry of SMEs and Startups, to help domestic technology-innovative small and medium enterprises (SMEs) explore overseas markets and promote exports.

Since the COVID-19 pandemic, the association had conducted consultation meetings only online, but with the recent easing of quarantine guidelines, it visited the overseas site directly for the first time in two years. On this day, 10 pre-matched domestic technology-innovative SMEs and over 50 local Uzbek companies participated. They had discussions on topics such as technology licensing (technology export), export of parts and equipment, and establishment of joint ventures.

Uzbekistan is a representative pro-Korean country in Central Asia with relatively low dependence on raw materials and is expected to achieve high growth of around 5% this year based on its agricultural and manufacturing foundations. It shows great interest in the automotive industry, renewable energy and rare metal material parts industrialization, eco-friendly agriculture, and digital healthcare.

Korea is Uzbekistan's fourth largest trading partner. Since 2017, through four summit meetings and other events, the conditions for Korean companies to enter the market have been continuously improving.

This consultation meeting also involved domestic companies in the fields of automotive and metals, renewable energy, eco-friendly agriculture, and digital healthcare, tailored to the demands of the Uzbek local government. Through a total of 58 matchings, achievements included signing five memorandums of understanding (MOUs) for technology export cooperation with local companies (three currently in progress).

Kim Sejong, the full-time vice chairman of the Innobiz Association, said, “It is meaningful that despite holding the consultation meeting on-site overseas for the first time in two years, it led to achievements such as signing business agreements,” adding, “The technology exchange consultation meeting can be a new opportunity for domestic technology-innovative SMEs, so the association will devote itself to continuously developing technology exchange models.”

Since 2014, the Innobiz Association has been conducting the 'Convergence Technology Exchange Promotion Project,' which helps Innobiz companies pioneer overseas markets by leveraging their excellent innovative technologies. So far, about 800 domestic technology-innovative companies have actively engaged in exchange activities with overseas companies in countries such as Vietnam and Indonesia through technology mediation.

This year as well, online technology exchange consultation meetings were held targeting Vietnam, T?rkiye (Turkey), the Philippines, and Cambodia. In the second half of the year, the association plans to conduct both online and offline consultation meetings with seven countries including Indonesia, Belarus, and Armenia.

This content was produced with the assistance of AI translation services.