Friday, 05, March, 2021

The Deputy Prime Minister/Minister of Investments and Foreign Trade of Uzbekistan Sardor Umurzakov held online talks the with the Deputy Prime Minister/Minister of Economy and Finance of the Republic of Korea Hong Nam-ki, the Uzbek Ministry of Investments and Foreign Trade said.

The parties reportedly reviewed the implementation of joint projects, including the Tashkent Pharma Park pharmaceutical cluster project in the Zangiata district of Tashkent province, the setting up of a multidisciplinary modern medical center, a research and design institute - the Center for Chemical Technologies, modernization of Mubarek CHP, as well as a number of other projects.

They also considered cooperation with the Economic Development Cooperation Fund (EDCF) in accordance with the new program of cooperation with Uzbekistan for 2021-2023 worth total of US$ 1 billion, within which priority projects have already been identified. The Korean Deputy PM expressed readiness to expedite the processes of their approval in order to move to their practical implementation in the near future.

Prospects for increasing the two-way trade were discussed through the adoption of 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 expressed their readiness for further cooperation in order to develop joint practical measures to diversify mutual trade and bring its volumes to a qualitatively new level.

The parties indicated their readiness to start the negotiation process on the Sustainable Trade and Economic Partnership Agreement, which will contain key terms and principles of cooperation in a wide range of areas, including issues of ensuring access of Uzbek and Korean goods to the markets of the two countries, mechanisms for eliminating imbalances in the two way trade, concrete measures of practical assistance by the Korea Republic for swift industrialization of Uzbekistan, the development of infrastructure and the introduction of advanced Korean technologies in various fields.

The Korean Deputy PM was announced that Korea Republic would continue providing financial and technical support to Uzbekistan as part of the implementation of measures to counter the spread of coronavirus infection and minimize the economic consequences of the pandemic in Uzbekistan.

An important part of the negotiations was the agreements reached on the implementation of Korean experience in the development of the digital economy and industry in Uzbekistan, with the signing of a Memorandum of Cooperation in the field of digitalization is due in the near future, which will provide for the creation of a number of innovative industries, farms, "smart" cities, the introduction of a system digital health and human resource development.

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