In a significant move to bolster economic ties, Korea and Uzbekistan have committed to enhancing their cooperation in mineral supply chains and advanced technology sectors. This commitment was underscored during a bilateral business forum hosted by the Korea Chamber of Commerce and Industry (KCCI), which took place on Friday.
The forum, aimed at expanding business exchanges between the two nations, saw the participation of high-profile leaders, including President Yoon Suk Yeol of Korea and top business executives from both countries. The discussions focused on exploring new avenues for collaboration, particularly in sectors such as automobiles, energy, infrastructure, and logistics.
Uzbekistan is emerging as a key partner for Korea, boasting a robust annual GDP growth rate exceeding five percent and rich deposits of natural resources. Korean companies have already established a presence in Uzbekistan, leveraging these resources to enhance their business operations.
Prominent Korean participants included KCCI Chairman Chey Tae-won, Lotte Group Chairman Shin Dong-bin, and POSCO Group Chairman Chang In-hwa. They were joined by a delegation of 300 Uzbek government officials and business leaders, eager to deepen their partnerships with Korean enterprises.
The forum facilitated in-depth discussions on expanding cooperation in the mineral supply chain, integrating state-of-the-art technologies, and advancing energy and infrastructure projects. This strategic partnership aims to help Korea stabilize its mineral supply chains while providing Uzbekistan with technological support to enhance its mining capabilities.
Since 2005, Korea and Uzbekistan have engaged in joint mineral exploration projects, contributing to the stability and growth of both nations’ economies. The continued partnership is expected to provide significant opportunities, especially amidst the current economic uncertainties.
Park Il-jun, the executive vice chairman of the KCCI, emphasized the importance of building relationships with reliable partners during these challenging times. He highlighted Uzbekistan’s commitment to supporting high-tech industries and its favorable environment for foreign investment, which presents substantial opportunities for Korean businesses.
Additionally, the Uzbekistan government is keen on developing new renewable energy sources, electric vehicles, and smart farming technologies, marking the country as a promising market for Korean companies in these innovative sectors.
The forum also yielded concrete outcomes in the private sector, with Samsung C&T forging a stronger partnership with Uzbekistan’s state-run hydroelectric power company, further cementing the collaborative efforts between the two countries.
By fostering these strategic alliances, both Korea and Uzbekistan are positioning themselves for sustainable growth and technological advancement, benefiting from shared expertise and resources.
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