Friday, 22, June, 2018

On November 23, the President Shavkat Mirziyoyev attended the Uzbekistan- Korea business forum that featured over 700 government officials and business executives from both countries.

At the forum the President of the Republic of Korea, Mr. Moon Jae-in’s welcome message to the business forum attendees was voiced.

In turn President Shavkat Mirziyoyev delivered a speech in the event. He noted that the bilateral trade and economic ties have steadily been developing, the conditions and opportunities for doing business in Uzbekistan are being improved, the interest for cooperation with Korean business is growing.

He said that he would personally guarantee reliable protection of South Korean investments in Uzbekistan.

"I personally guarantee the reliable protection of your investments, inviolability of property and free repatriation of profits," Shavkat Mirziyoyev stressed.

He underscored Uzbekistan's interest in Korean investments, technologies and management skills for the development of the economy. He briefed on the implemented measures aimed at improving the business environment: liberalization of foreign exchange system and foreign trade.

"We clearly realize that business should be based on mutual benefit," he added. "We want to achieve that very Korean investor takes pleasure from working in Uzbekistan, making profit for self and at the same time contributing to the development of our economy."

He stressed that the most favorable conditions would be created for South Korean companies to keep them in Uzbekistan as long-term partners.

"It's not just words. This is my political will, my firm and unalterable stance," Shavkat Mirziyoyev said.

He emphasized that $10 billion worth of energy, development, trade deals are to be signed within his visit to the Republic of Korea.

In particular, deals on energy projects were signed: turnkey modernization of infrastructure facilities, construction of solar photovoltaic stations, setting up of energy efficient equipment production capacities.

"We see great opportunities in the petrochemical and chemical industries," he noted. "We intend to expand the production of polymers and plastics, synthetic fibers, fertilizers, household chemicals, a wide range of other chemical products in demand in Uzbekistan and abroad."

He also mentioned the prospects for cooperation in manufacture of building materials using the Uzbekistan’s raw materials.

According to the President, there is a huge potential in cooperation in agriculture: production and supply of products, setting up of capacities for processing and production of finished products.

Shavkat Mirziyoyev mentioned about the intention to establish a Korean Business Center within the Chamber of Commerce and Industry of Uzbekistan, which will provide practical assistance and support to South Korean companies in Uzbekistan in the "single-window" format.

Noting that Uzbekistan resumed process to join the World Trade Organization, the President said that a road map was signed with the Republic of Korea on cooperation in the Uzbekistan’s accession to the WTO.

In the end of his speech, Shavkat Mirziyoyev stressed: "Uzbekistan’s doors are wide open for Korean business. I and the Government of Uzbekistan will provide comprehensive assistance and support to every Korean investor and every joint project in Uzbekistan. You should hold no doubt about it."

Minister of Trade, Industry and Energy of the Republic of Korea Paik Ungyu said that the Korean side sees the development of relations with Uzbekistan in the three strategic areas. The first: production of goods with high added value; second:  extraction of rare metals and petrochemicals; third: renewable energies. He also noted the importance of expanding relations in the education sphere. Paik Ungyu noted that Korea will strive to bring the logistics center of Navoi to the leading positions in the region.

The member of the South Korean Parliament Son Yoon Gil, noted that by his speech the President of Uzbekistan demonstrated a master class of how the head of a state should build a dialogue with foreign entrepreneurs and investors.

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