On May 6 this year, Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov held a video conference with Deputy Prime Minister - Minister of Economy and Finance of the Republic of Korea Hong Nam-ki.

The agenda included pressing concerns and prospects for investment, trade, economic, cultural and humanitarian cooperation within bilateral agreements reached after top-level visits. The attendees noted the priority of systematic work under the current economic situation to minimize the risks of delays during implementation of common projects and initiatives. To do this, the Working Group headed by the deputy ministers of foreign economic departments of the two countries will support the initiators of investment projects and prompt addressing of topical issues.

Here, they paid a particular attention to support the project to establish Tashkent Pharma Park, a pharmaceutical cluster in the Tashkent region. Korean side will accelerate the attraction of leading Korean companies to joint projects in the cluster, and elaborate acceleration of opening of financing for the part of the project involving Eximbank of Korea.

They separately considered interaction to develop free economic zones in Uzbekistan based on their successful experience in Korea. In particular, the attendees considered prospects to send a working group to Uzbekistan involving specialists from the Ministry of Transport of Korea and LH Corporation, who had are highly experienced in the infrastructure projects in Korea under the project transferring the Angren FEZ to confidential management of the Incheon Free Economic Zone.

The attendees negotiated on prospects to increase commercial turnover through effective measures focused on elimination of trade barriers and facilitation of access of Uzbek and Korean products to the markets of both countries. They agreed to accelerate the negotiations on preparation to the signing of Agreement on Free Market. The Korean side expressed its willingness to launch 2 stages of projects providing development of National e-Commerce Platform in Uzbekistan, i.e. a large-scale innovative project implemented through Korean grant.

An important stage within increase of mutual trade in the agrarian sphere will be a project to improve the operation of the quarantine service of Uzbekistan considering Korean standards. To do this, Uzbekistan will create a modern laboratory for plants quarantine.

The attendees also agreed to intensify bilateral cooperation within Uzbekistan’s accession to the World Trade Organization, including by attracting expert consultants from the Korea Institute of International Economic Policy.

Besides, they discussed prospects for financial and technical sphere. They reviewed proposals for the new projects involving the grants of the Korean International Cooperation Agency (KOICA), as well as measures to expand the portfolio of joint projects with the Eximbank of Korea and the Economic Development and Cooperation Fund ( EDCF). The attendees agreed that the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan will develop a new three-year program for financial and technical cooperation with EDCF for 2021-2023 together with the Ministry of Economy and Finance of the Republic of Korea.

Keeping this approach, they negotiated on opportunities to provide financial and technical support to Uzbekistan to implement measures counteracting the spread of coronavirus infection and its minimize economic effects.

The Government of Korea was thanked for humanitarian assistance, including test-systems sent to identify infection, medical equipment, and supplies, as well as for sending highly qualified consultants to Uzbekistan to assist in counteracting the COVID-19.

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 ministries and departments, and specialists of the two countries.