Uzbekistan and South Korea to boost economic ties
28/05/2015 12:36
Islam Karimov and Park Geun-hye /Photo of Yonhap/
28/05/2015 12:36
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan and South Korea agreed to expand economic cooperation and realize new large scale joint projects.
President of Uzbekistan Islam Karimov and President of South Korea Park Geun-hye held negotiations in Soule on Thursday. The sides adopted decision to expand strategic partnership.
Islam Karimov and Park Geun-hye adopted a joint declaration under which they also agreed to diversify cooperation. The declaration said that the sides will jointly work to attract advanced technologies and investments of leading South Korean companies into economy of Uzbekistan.
Uzbekistan plans to modernize key industrial facilities and build infrastructure worth $55 billion over the next five years. South Korea hopes to win some of the projects in Uzbekistan.
Uzbekistan said it is ready for active cooperation to create a favorable atmosphere for the implementation of joint projects with major South Korean companies, the declaration said.
The main areas of bilateral cooperation include oil, gas, petrochemicals, automobiles, solar energy as well as modernization projects for transport infrastructure in Uzbekistan.
The countries signed a memorandum of understanding on a US$4.5 billion project to produce plastic products by converting methanol produced from natural gas to olefins.
They also agreed to work closely on plans to build solar power plants and modernize airports in Uzbekistan, as well as boost cooperation in manufacturing and healthcare.
South Korea and Uzbekistan signed a deal on recognizing each other’s driver’s licenses and a memorandum on revising their social security agreement.
The two leaders also agreed to exert efforts so that large-scale projects currently underway, including the development of the Surgil gas field, are carried out smoothly.
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