In Seoul, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S.Umurzakov met with Deputy Prime Minister - Minister of Economy and Finance of the Republic of Korea Hong Nam-ki.

In the course of a constructive and substantive dialogue, the parties discussed the current state and prospects for expanding political, investment, trade, economic, cultural and humanitarian cooperation between the two countries.

A mutual interest was expressed in deepening partnership in priority areas, including trade, industrial cooperation, digitalization and business support.

During the meeting, the parties agreed to intensify interaction to accelerate the process of negotiating a Free Trade Agreement between the Republic of Uzbekistan and the Republic of Korea. It was noted that this step will bring trade cooperation between the two countries to a qualitatively new level and substantially increase the volume of Uzbek-Korean trade turnover.

Also, an agreement was reached to expand cooperation with the Economic Development Promotion Facility (EDPF). The parties agreed to establish a bilateral working group consisting of executives and specialists of the Fund and the Ministry of Investments and Foreign Trade to develop new innovative project proposals in such areas as electrical engineering, biopharmaceuticals, infrastructure development and others to identify the most promising high-tech projects for further implementation.

A number of existing issues in the areas of agriculture, gas and chemical industry as well as other priority areas were considered.

Separately, measures on preparation for the upcoming visit of the President of the Republic of Uzbekistan to the Republic of Korea were discussed. An agreement was reached on intensifying the interaction between ministries and agencies of the two countries to develop proposals for the implementation of new investment and trade agreements.

Following the meeting, the parties also agreed to continue regular interaction at the intergovernmental level, which will allow them to work out issues of bilateral cooperation and exchange new proposals for further expansion of mutually beneficial partnership at an accelerated pace.