UNJournal Kayla Lee | President Yoon Suk-yeol attended the Korea-Uzbekistan Business Forum at the Tashkent City Congress Hall in Tashkent on June 14. The President, who is on a state visit to three Central Asian countries -- Turkmenistan, Kazakhstan, and Uzbekistan-- attended the business forum to encourage businessmen from both countries.
 

In his keynote speech, the president said that economic cooperation between the two countries began 30 years ago in 1994, when the first Daewoo Motor plant was built in Asaka, and that Uzbekistan has become a leading player in Central Asia's automobile industry, producing 400,000 cars a year, and that South Korea will move forward together with Uzbekistan, a key player in Central Asia, into the future.

The president said he would like to establish a "key mineral supply chain partnership" between the two countries, emphasizing that Uzbekistan, which is rich in key minerals, and South Korea, which has excellent processing technology, can be optimal partners for each other.

The president also emphasized cooperation in infrastructure and energy. The president said that efficient infrastructure and stable energy supply are important for Uzbekistan to continue its high economic growth, and he hopes that Korean companies can contribute their know-how and technology to expand infrastructure such as transportation and district heating in Uzbekistan.

In particular, a high-speed rail vehicle supply contract was signed between the Uzbek Railroad Corporation and Hyundai Rotem, making it the first time a high-speed rail vehicle developed by a Korean company to run in Uzbekistan, which is expected to contribute to the improvement of rail services in the country.

The president also said that the two countries should continue to expand their trade and investment bases. During his visit, the President said he hoped that the finalization of the bilateral negotiating protocol for Uzbekistan's WTO accession would be signed and that the remaining steps of Uzbekistan's WTO accession process would go smoothly, leading to increased bilateral trade and investment.

The forum was attended by more than 600 participants, including business and government officials from both countries. From the Korean side, Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, Shin Dong-bin, Chairman of Lotte Group, and Jang In-hwa, Chairman of POSCO Group were in attendance, while from the Uzbek side, President Shavkat Mirziyoyev, Minister of Investment, Industry and Trade Laziz Kudratov, and President of the Chamber of Commerce and Industry Bakabov Abduzalovich were in attendance.

A total of 28 MOUs and agreements between companies and organizations from both countries were signed at the business forum. The Seoul government will actively support the translation of the MOUs signed today into concrete results.