Uzbek-Korean economic partnership is gaining momentum
25/10/2021 20:05
Uzbek-Korean economic partnership is gaining momentum
25/10/2021 20:05
Tashkent, Uzbekistan (UzDaily.com) -- On 25 October, in the format of a video conference, negotiations were held between Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan Sardor Umurzakov and Deputy Prime Minister - Minister of Economy and Finance of the Republic of Korea Hong Nam-ki.
During the talks, the sides discussed issues of interaction in the fight against the spread of coronavirus, deepening investment and trade and economic cooperation, and preparing for a number of bilateral events.
The Uzbek side expressed gratitude to the Government of Korea for the assistance provided to Uzbekistan in the fight against the pandemic, in particular, for the decision to provide Uzbekistan with an additional grant of US$5 million for the implementation of the "Emergency Response Program to COVID-19".
Opportunities for expanding investment cooperation were considered: it was announced that currently a package of new investment projects of mutual interest of the parties has been formed, which is being studied by experts from the relevant ministries and departments of the two countries.
Further steps are outlined to accelerate the implementation of the agreed projects being implemented jointly with the Eximbank of Korea, the Economic Development Fund (EDCF) and the Korea International Cooperation Agency (KOICA). They also considered opportunities for establishing cooperation with the Economic Development Assistance Fund (EDPF) in order to implement promising projects in Uzbekistan without providing sovereign guarantees.
The progress of joint work on the preparation of the draft Free Trade Agreement between Uzbekistan and Korea was discussed. A commitment was expressed to intensify efforts to coordinate existing issues and prepare a document for signing in the near future.
They also considered issues related to the holding of meetings of the Council of Deputy Prime Ministers of the two countries, the Uzbek-Korean Intergovernmental Committee for Trade and Economic Cooperation, as well as a business forum with the participation of business circles of Uzbekistan and Korea in Seoul by the end of this year.
As a result of the talks, an agreement was reached to intensify joint work in the discussed areas of cooperation with the involvement of relevant ministries and departments of the two countries.
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