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Tashkent and Seoul have inked a memorandum of understanding on the implementation of new infrastructure projects in Uzbekistan.
The document was signed in the South Korean capital during the visit of Rustam Azimov, First Deputy Prime Minister and Minister of Finance of Uzbekistan, to the Republic of Korea.
In Seoul, Uzbekistan’s Minister of Finance held talks with his counterpart, Yoo Il-Ho, whereby the two colleagues discussed issues related to bolstering the economic cooperation and boosting the participation of South Korean companies in projects in Uzbekistan. In accordance with the memorandum, the government of the Republic of Korea is to allocate funds in the amount of 250 million U.S. dollars through the Economic Development Cooperation Fund, EDCF, created in 1987 to support developing nations. The amount will be used for the construction of new international terminal of Tashkent airport and the creation of a national endowment center. Uzbekistan is to invest 100 million dollars in the project.
Rustam Azimov took part in the eighth round of economic and trade talks, co-chaired by Hwang Hyun Chu, Minister of Trade of the Republic of Korea. Delegations of the two countries discussed the South Korean companies’ participation in projects in Uzbekistan in the areas of investment, infrastructure and energy. The two sides agreed on the establishment of an advisory council to assist exporters of our two nations.
Uzbekistan is South Korea’s largest trading partner in Central Asia. Last year, the trade turnover between the two countries reached 1.3 billion U.S. dollars, while the year before it had amounted to 2.1 billion dollars.
Jahon Information Agency
