On July 7 this year, the Deputy Prime Minister and Minister of Investment and Foreign Trade of the Republic of Uzbekistan discussed intensification of interaction between business communities of the two countries with Chairman of the Korean-Uzbek Business Association (KUBA) under the Ministry of Trade, Industry and Energy of the Republic of Korea Kim Yong-gu.

For reference: The Korean-Uzbek Business Association under the Ministry of Industry, Trade and Energy of the Republic of Korea was founded in April 2020 based on the Korean-Uzbek Business Center in Inchon to create a platform for economic development of Uzbekistan and Korea by expanding trade and enhancing exchanges between the two countries. The Board includes 6 honorary advisors and 8 directors representing various areas of the Korean economy.

The members of the Board of Directors of KUBA, i.e. heads of leading Korean companies such as Evergreen Motors, Englishunt, BT&I, Hanshin E&C, as well as the head of the Korean International University in Fergana (KIUF) attended the meeting.

The top officials of the Association noted the increasing interest of Korean companies in business in Uzbekistan due to the ongoing social and economic reforms, as well as improvement of investment environment.

During the meeting, Korean entrepreneurs told about the initiatives being implemented in Uzbekistan, and also shared plans for the near future.

The dialogue also touched upon measures of targeted assistance in specific projects in such areas as construction and development of urban infrastructure, healthcare, higher and occupational education, and tourism.

The parties discussed prospects to organize the visit of the top officials of certain Korean companies to Uzbekistan with a view to practically elaborate relevant areas of cooperation and negotiations with the relevant ministries and departments.

Following the meeting, the parties agreed to open an official representative office of KUBA in Fergana, which will provide intensification of further contacts between business representatives of the two countries and increase in projects involving Korean investments.