Korea-Uzbekistan Sign Trade and Investment Promotion Framework... "Establishing a Foundation for Supply Chain Cooperation"

South Korea and Uzbekistan have agreed to establish a new cooperation system to expand trade and investment between the two countries.

The Ministry of Trade, Industry and Energy announced that Jeong Dae-jin, Deputy Minister for Trade, signed the Trade and Investment Promotion Framework (TIPF) on the morning of the 12th at Lotte Hotel in Seoul with Oybek Nematovich Hamraliyev, Deputy Minister of Investment, Industry and Trade of Uzbekistan, who is visiting Korea as part of the Uzbek delegation. This TIPF is the first of its kind targeting Central Asian countries.

An official from the Ministry of Trade, Industry and Energy explained, "The TIPF is a new cooperation framework that the ministry has recently focused on in response to changes in the global trade order. It can be said to be a method that broadly encompasses new trade issues such as supply chains, digital, and bio, while expanding mutual economic cooperation and building trust."

The ministry expects that the TIPF with Uzbekistan will greatly contribute to stabilizing South Korea's supply chain in the future. Uzbekistan is rich in rare metals such as molybdenum (12th largest reserves in the world) and tungsten (7th largest reserves in the world).