OREANDA-NEWS. February 28, 2013. A delegation of Korea Stock Exchange (KRX) led by its director on strategic management Hong-Hee Shin held a meeting at the State Committee of the Republic of Uzbekistan for privatization, de-monopolization and competition development.

During the meeting, it was noted that the relations between Uzbekistan and South Korea have been developing in all directions, including the sphere of finance and the equity market, an important legal basis of which are the agreements reached during meetings of the heads of the two states.

State visit of the President of the Republic of Uzbekistan Islam Karimov to the Republic of Korea in September 2012 brought consistently developing relations to an even higher level.

It is worth noting, that the Korean stock exchange is one of the leaders in the world in terms of circulation of securities, one of the ten largest stock exchanges in trade turnover.

General agreement on modernization of the securities market of Uzbekistan signed in August 2011 between the State Committee of Uzbekistan on privatization, de-monopolization and competition development and the KRX contributes to the development of cooperation in this field.

During the negotiations, the sides discussed execution of general agreement on modernization of securities market of Uzbekistan in line with the Presidential resolution ''On measures on further developing stock exchange'' from 19 March 2012, issues of modernization of the stock exchange of Uzbekistan.

As a result of the meeting, the State Committee of the Republic of Uzbekistan for privatization, de-monopolization and competition development and the KRX signed an additional agreement on introduction of single program-technical complex.

The document envisages in the framework of the general agreement on modernization of the securities market of the Republic of Uzbekistan, introduction of single program-technical complex in Uzbekistan, including supply of software, modern server and telecommunication equipment, professional development of specialists and improving the legislative base.

This project worth 6 million USD will help to expand cooperation between the stock exchanges of the two countries, in particular, attract modern information technologies for creation of infrastructure of a new online stock exchange in Uzbekistan and to further facilitate the search for new business partners.