Successful Start of Economic Exchange with Uzbekistan, the "Land of Opportunity," in Gwangsan-gu, Gwangju

Published 21 Apr.2024 17:19(KST)

The Gwangsan-gu Economic Delegation of Gwangju Metropolitan City, led by Park Byung-gyu, head of Gwangsan-gu, who visited Uzbekistan to pioneer new opportunities, achieved results beyond expectations from the very beginning, taking a successful first step in economic exchanges between the two cities.

Successful Start of Economic Exchange with Uzbekistan, the "Land of Opportunity," in Gwangsan-gu, Gwangju

On the 20th local time, Gwangsan-gu jointly held a business forum with Syrdarya Province of Uzbekistan at the Syrdarya Chamber of Commerce.

The forum was organized to lay the foundation for exchanges between companies of the two cities and cooperation for economic development. Attendees included the Gwangsan-gu Economic Delegation led by Park Byung-gyu, head of Gwangsan-gu, local companies and universities, Akmaljon Mahbudaev, governor of Syrdarya Province, Hodzimanov Jamurlitdin, mayor of Gulistan, and the Korea-Uzbekistan Business Association.

Syrdarya Province is a representative economic city of Uzbekistan, located near the capital Tashkent, with abundant infrastructure such as transportation and electricity, and a population of about one million. Centered around a 40㎢ economic special zone established in 2013, it has been attracting investment with 30 years of free land lease and various tax benefits, showing very rapid economic growth.

At the forum, following presentations on Uzbekistan’s economic policies and Syrdarya Province’s corporate support policies, one-on-one consultations between participating companies from the Gwangsan-gu Economic Delegation and Uzbek companies and government officials were held with great enthusiasm. Fourteen companies from Gwangsan-gu held more than 30 consultations with Uzbek entrepreneurs and government officials.

In various fields such as automobile parts, panels, special-purpose vehicles, water filters, and wind energy, Gwangsan-gu companies and Syrdarya Province and local companies in Uzbekistan signed six memorandums of understanding for investment, marking a meaningful first achievement.

In particular, Governor Akmaljon showed great interest in the excellent technology of Gwangsan-gu companies and repeatedly expressed requests for cooperation with Gwangsan-gu companies in investment and technology partnerships.

Gwangsan-gu companies also noted Uzbekistan’s favorable investment environment and expressed expectations that new possibilities and opportunities could be created.

In fact, Lim Young-woo, CEO of Anycell Co., Ltd., who has managed a battery and energy company for over 30 years, said, “I thought there was no better place than Uzbekistan to implement a hybrid power generator business model combining solar and wind power, which I have been considering for 4 to 5 years,” adding, “Recently, I thought about switching to another industry, but after just two days of visiting Uzbekistan, my mindset changed to a strong will to take on new challenges.”

The Gwangsan-gu Economic Delegation plans to continue one-on-one consultations focusing on interested companies during the remaining Uzbekistan visit schedule, and more results such as investment and local market entry are expected in the future.

In connection with the business forum, Gwangsan-gu signed a friendship exchange agreement with Gulistan City of Syrdarya Province for exchange and cooperation in various fields including economy, culture, and education.

Mayor Park said, “Today’s business forum became a very meaningful first exchange venue where not only local governments and companies in Uzbekistan but also Gwangsan-gu companies discovered new possibilities,” and added, “We will actively support to create more practical achievements so that companies in both cities can develop and grow together.”