OREANDA-NEWS. March 17, 2014. The event was organized jointly by Uzbekistan’s Ministry of Foreign Economic Relations, Investments and Trade, the Fund for the Support for Small Business and Private Entrepreneurship Entities, as well as the Korea International Trade Association.

The two nations’ business circles sought to examine the ways toward intensification of the trade-economic and investment cooperation.

The occasion was attended by heads of ministries and other government agencies, companies and corporations of the two countries dealing with foreign economic ties, trade, investments, construction industry, mechanical engineering, agriculture and water resources management, food industry, healthcare, pharmaceuticals, geology and mineral resources, transport and transport communications, information technologies, electrical engineering, tourism, chemical and light industries, fuel and energy sector.

The Deputy Minister of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan Shavkat Tulaganov, Chairman of the Trade and Industry Chamber Alisher Shaikhov, the acting director of the Fund for the Support for Small Business and Private Entrepreneurship Entities Jahongir Mustafaev, Deputy Chairperson of the Korea International Trade Association Ahn Hyunho noted in particular that the cooperation between our two countries has been advancing steadily in all spheres in line with agreements reached during meetings between the two heads of state. President Islam Karimov’s state visit to the Republic of Korea in September 2012 helped enrich the interaction between our two nations with new substance and uplift the cooperation to a qualitatively new level.

The Republic of Korea is a reliable and long-term strategic partner of Uzbekistan. The two countries enjoy the most-favorable-nation regime in trade. The total volume of investments made into the Uzbek economy for cooperation years has exceeded 5 billion US dollars.

Representative offices of 78 South Korean firms and companies are open in Uzbekistan. 418 joint ventures founded with the involvement of investors from that country operate in our nation. Spheres they operate include trade, tourism, mining, machine building, metal reprocessing, healthcare, transport services, textiles and light, chemical and food industries. In 2013, the volume of bilateral trade turnover exceeded 2.1 billion US dollars.

The enormous economic potential, modern transport communications, favorable business environment in Uzbekistan, along with many other countries, raise the willingness of business circles of the Republic of Korea for cooperation. A number of projects have been run in our country with an active participation of South Korean businesspeople. Notably, the Ustyurt Gas Chemical Complex is being erected at the Surgil deposit, and a new textile complex is being established in Tashkent region.

Uzbekistan is one of the leading countries in Central Asia,” Ahn Hyunho says. “The bilateral relations have been developing consistently in such areas as commerce, economy, investments, mechanical engineering, petrochemical and chemical industries, and the volume of mutual trade has been growing persistently. A range of joint projects are in progress among businesspeople of the two countries. In particular, our entrepreneurs have been energetic in the Navoi Free Industrial and Economic Zone, suggesting that the mutual cooperation has been quite steadfast. We advocate further consolidation of partnership with Uzbekistan.”

Entrepreneurs from the Republic of Korea were familiarized in depth at the forum with the socio-economic reforms being undertaken in our country, as well as the attention being paid to the development of small business and private entrepreneurship, the privileges and preferences created in the Navoi Free Industrial and Economic Zone, the special industrial zones in Jizzakh and Angren, and with the activities of South Korean companies successfully operating in Uzbekistan.

The forum was used as a good platform to exchange views with representatives of more than thirty major South Korean companies on boosting the effectiveness in making use of the economic potential and opportunities of the two countries. The two sides discussed issues pertaining to the promotion of cooperation in commerce, economy, investments, construction industry, mechanical engineering, energy sector, electrical engineering and chemical industry, as well as the extensive engagement of companies from the Republic of Korea to the process of privatization spearheaded in our country.

“We fund projects in a variety of economic sectors,” says Gallant Alan, President of the UBI Group, UBI Soft, UBI Capital Group (South Korea). “Uzbekistan is a country conducive for investing. In particular, what is noteworthy is that broad opportunities for the implementation of numerous projects are created in the Angren special industrial zone. We support enthusiastic participation in the establishment of high-tech enterprises and funding major schemes in tourism industry.”

Toward the end of the forum, the Fund for the Support for Small Business and Private Entrepreneurship Entities of the Republic of Uzbekistan and the Korea International Trade Association signed a memorandum on understanding.

Representatives of a range of companies and enterprises of Uzbekistan and the business circles of the Republic of Korea attended a cooperation exchange. The event served to exchange views on the realization of mutually advantageous projects with the involvement of entrepreneurs from the two nations.

As part of the visit, the guests traveled to the Angren special industrial zone. They got familiarized with the activities of Angren Kuvur and Angren Shakar plants, the enterprise EGL-NUR that specializes in the production of light-emitting diode lamps, along with the Angren international logistics center.