On January 25 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov negotiated with Deputy Prime Minister - Minister of Economy and Finance of the Republic of Korea Hong Nam-ki via video-conferencing.

The agenda included current issues and prospects for investment, trade, economic, financial and technical cooperation with a view to bilateral agreements reached following high-level visits, as well as joint events held in 2020. According to the Korean side, these negotiations were the first such cabinet-level event since the beginning of this year.

The Korean side expressed its commitment to the high-quality and timely implementation of all existing investment agreements. The remarkable thing is that currently, there is a package of new investment projects for energy, oil and gas sector, chemical, electrical and pharmaceutical industries, mechanical engineering, healthcare, education and tourism. There are certain initiators, funding sources and terms for implementation already identified for these projects.

Besides, the parties considered mechanisms of interaction to implement joint projects, including the construction of the Tashkent Pharma Park pharmaceutical cluster in Zangiata district of Tashkent region, the creation of a multidisciplinary modern medical center, a research and design institute, i.e. the Center for Chemical Technologies, modernization of Mubarek TPP, as well as other projects.

The parties individually considered the interaction with the Economic Development Cooperation Fund (EDCF) according to the new program of cooperation with Uzbekistan for 2021-2023 totaling USD 1 billion, which already determined priority projects. The Korean side expressed its willingness to speed up its approval in order to move to its practical implementation in the near future.

The parties discussed prospects to increase mutual commercial turnover by effective measures aimed at eliminating trade barriers and facilitating the access of Uzbek and Korean goods to the markets of the two countries. The parties offered further cooperation in order to develop joint practical measures to diversify mutual trade and bring its volumes to a qualitatively new level.

The parties noted that they were ready to start negotiations on the conclusion of an Agreement on Sustainable Commercial and Economic Partnership, which would contain key conditions and principles of cooperation in a wide range of areas, including the problem of Uzbek and Korean products access to the markets of the two countries, mechanisms to eliminate mutual trade imbalance, certain supporting measures of the Korean side in the accelerated industrialization of Uzbekistan, the development of infrastructure and the introduction of advanced Korean technologies in various areas.

The agenda also considered the interaction in a financial and technical area. The parties reviewed proposals for the new projects involving grant funds from the Korean International Cooperation Agency (KOICA), as well as outlined further steps for their coordination, approval, and implementation.

The Korean side disclosed that it would continue financial and technical support to Uzbekistan as part of the measures to counter the spread of coronavirus infection and minimize the economic effects of the pandemic. On January 25, the Korean Government decided to allocate an additional grant for the COVID-19 Emergency Response Program in Uzbekistan.

An important part of the negotiations was the agreements reached on the adoption of Korean experience in the development of the digital economy and digitalization of industry in Uzbekistan. In the near future, we expect the signing of a Memorandum of Cooperation in the digitalization area. It will provide the creation of a number of innovative industries, farms, 'smart' cities, the introduction of a digital health system, and the development of resource development.

The parties also agreed to intensify bilateral cooperation under the process of Uzbekistan's accession to the World Trade Organization, including by the increase of attraction of experts from the Korean Institute of International Economic Policy, which have already begun trainings for Uzbek public officers.

The video conference resulted in an agreement to establish constant interaction within projects and initiatives disclosed. The comprehensive work will be actively continued via video conferencing both involving relevant ministries and departments, as well as experts of the two countries.