SEOUL: An Uzbek-Korean business forum was held in Seoul, South Korea on May, 26 which was attended by businessmen of the two states.
The sides discussed ways in which to expand bilateral economy and business cooperation. The business forum saw the participation of 200 entrepreneurs and officials from both countries. The Uzbek delegation was headed by First Deputy Prime Minister, Rustam Azimov, while South Korea delegation was represented by Deputy Prime Minister, Choi Kyung Hwan, Trend reported.
The sides estimated the possibilities of cooperation extension in the area of gas production and processing, ICT, water management, food industry and construction materials.
Following the business forum, companies from both countries signed memorandums of understanding on five projects of business cooperation.
The forum was held ahead of Uzbek President Islam Karimov’s visit to Seoul upon invitation of President Ho Pak Kyn scheduled for today.
The parties are expected to discuss wide complex of issues of bilateral cooperation, perspectives of strategic partnership developing between the two states as well as problems of regional and international politics during the forthcoming negotiations.
Later, the parties will adopt a joint declaration, as well as a package of documents aimed at further strengthening the mutually beneficial cooperation between Uzbekistan and South Korea.
The Republic of Korea is one of the largest investment partners of Uzbekistan. Trade-economic and investment cooperation have been steadily developing between the two countries. The countries have established the most-favored-nation regime in the sphere of economy.
Uzbekistan is the largest trading partner of Korea in Central Asia. A large diaspora of ethnic Koreans in the region lives here. As of 2014, the trade turnover volume between the two countries amounted to $1.9 billion.
