Ministry of Trade, Industry and Energy and KOTRA Promote Diversification of Economic Cooperation with Uzbekistan

'Korea-Uzbek Business Partnership' Held in Tashkent on the 14th

The Ministry of Trade, Industry and Energy and KOTRA announced on the 16th that they held the 'Korea-Uzbekistan Business Partnership' in Tashkent, Uzbekistan on the 14th. The event was intended to expand business cooperation between Korea and Uzbekistan in connection with the Central Asia tour of three countries.

This event focused not only on strengthening the traditional cooperation base between the two countries but also on expanding new business sectors. In particular, Korean companies actively responded to Uzbekistan's industrial diversification policies, such as medical bio and digital transformation. A total of 34 companies participated, including 10 companies in machinery, equipment, and parts, 9 companies in energy, construction, and plants, and 12 companies in future industries such as smart farms, medical care, and information and communication.

At the 'Korea-Uzbekistan Business Partnership' event held on the 14th at the Intercontinental Hotel in Tashkent, Uzbekistan, KOTRA signed a Memorandum of Understanding (MOU) with the Uzbekistan Pharmaceutical Industry Promotion Agency. From the left: Kim Junsung, Head of Economic Cooperation Team at KOTRA; Kim Seongsu, Head of CIS Regional Headquarters at KOTRA; Jeon Chunwoo, Vice President and Head of Small and Medium Enterprises Headquarters at KOTRA; Azizov Abdulla, Director of Uzbekistan Pharmaceutical Industry Promotion Agency; Anvarxon Akabirov, Secretary General of the Pharmaceutical Industry Promotion Agency; Woo Sangmin, Director of KOTRA Tashkent Trade Center.
[Photo by KOTRA]

In Uzbekistan, 125 local companies participated as partners. On that day, Korean and Uzbek companies conducted a total of 205 business consultations and discussed contracts worth 10.2 million dollars.

In addition, KOTRA collaborated with local logistics companies to set up a local investment consulting desk within the consultation hall. Customized consultations were provided regarding policies and precautions that Korean companies should consider when entering Uzbekistan.

On the same day, KOTRA also signed a Memorandum of Understanding (MOU) with the Uzbekistan Pharmaceutical Industry Promotion Agency. Azizov Abdulla, head of the Uzbekistan Pharmaceutical Industry Promotion Agency, said, "With this agreement, we expect the Uzbek medical industry to advance to the next level as the market entry of Korean medical and bio companies increases."

Jeon Chun-woo, Vice President of KOTRA and Head of the Small and Medium Business Division, emphasized, "Uzbekistan is Korea's economic cooperation partner equipped with the three elements of an 180,000-strong Koryoin network, our companies' existing large-scale investments, and Hallyu including K-pop. We will expand the scope of cooperation to future industries such as medical care and ICT to help our companies enter more diverse fields."