January 30, 2018 Chamber of Commerce and Industry of the Republic of Uzbekistan in Urgench held an Uzbek-Korean business forum with the participation of entrepreneurs of the two countries, which will serve as an additional incentive for the development of business cooperation, as well as attracting foreign investment with a view to implementing joint projects.
Within the framework of the state visit of the President of the Republic of Uzbekistan Sh.M.Miziyoyev to the Republic of Korea in November 2017, the Chamber of Commerce and Industry of the Republic of Uzbekistan was charged with organizing on a permanent basis business forums with the participation of business circles of the two countries. One example of the execution of this instruction is today's Uzbek-Korean business forum in Urgench, conducted by the Chamber of Commerce and Industry of Uzbekistan jointly with the hokimiat and the main department of economy and integrated development of the territories of the Khorezm region.
The main goal of this event is to present the export, investment and tourism potential, as well as Uzbekistan in general, and the region, as well as assistance in the establishment and expansion of trade ties between the entrepreneurs of the two countries, the growth in the number of new joint ventures and the increase in bilateral trade.
The forum was attended by more than 30 representatives of major South Korean companies engaged in construction, cosmetics, trade, jewelry production, agricultural machinery, textiles and textile equipment, as well as more than 150 representatives of large enterprises and companies from Khorezm region interested in establishing cooperation with Korean companies.
In recent years, significant progress has been made between the two countries in strengthening the fundamental foundations of cooperation, maintaining a high level, open and confidential political dialogue, broad interaction and support within the framework of international organizations. There is a fruitful interaction with leading South Korean companies and banks to implement priority programs to diversify industry and modernize infrastructure in our country. At present, the portfolio of joint investment projects in various sectors of the economy exceeds more than $ 7 billion. The development of the issue of supply of processed fruit and vegetable products to Korea, on the creation of a joint venture for the construction of greenhouses, the production of juices and concentrates in the territory of Uzbekistan, on the creation of joint production of fluorography equipment in Uzbekistan - said Deputy Chairman of the Chamber of Commerce and Industry of Uzbekistan - Jamshed Urakov.
During the event, issues of mutual cooperation on strengthening cooperation between entrepreneurs of the two countries were discussed.
Kim Yong Gu, representative of the Korean delegation in his speech, noted that today's event is called upon to play an important role in further strengthening trade and economic relations between the two states, as well as create new opportunities for entrepreneurs of the two countries to enter a new level of cooperation in the spirit of partnership on mutually beneficial terms.
It should be noted that Uzbekistan is Korea's main trade partner among the countries of Central Asia - the republic accounts for more than half of the Republic of Korea's trade with the countries of the region.
The main export items: transport, construction and tourism services, cotton yarn, plastics and articles thereof, building materials, fibrous mass.
Import: parts of vehicles, mechanical and electrical equipment, plastics and articles thereof, articles made of ferrous metals, chemical products, rubber products and much more.
The volume of direct investments of the Republic of Korea, attracted to the economy of the Republic of Uzbekistan, exceeded 7 billion dollars.
At present, there are more than 460 enterprises in the Republic of Uzbekistan with the participation of Korean capital (386 joint ventures and 75 enterprises with 100% Korean capital). Representative offices of 75 companies of Korea are accredited in Uzbekistan.
Within the framework of the business forum, a delegation of business circles of the Republic of Korea visited the exhibition of entrepreneurs and artisans of the Khorezm region, and also excursions to the museum-reserve "Ichan Kala" and the palace "Nurullaba" were organized for them.