OMM Newsroom
High-level meetings were held in Seoul as part of Uzbek President Shavkat Mirziyoyev’s state visit to South Korea. The talks focused on investment, industrial cooperation, technology, finance, infrastructure and the development of interparliamentary ties.
Economic and political cooperation
Mirziyoyev met with South Korean National Assembly Speaker Cho Jung-sik and Prime Minister Han Duck-soo to discuss further deepening the special strategic partnership between the two countries.
The talks at the National Assembly covered strengthening interparliamentary cooperation and monitoring the implementation of high-level agreements, particularly those concerning trade, investment and cultural ties.
More than 300 representatives of government agencies, financial institutions and leading companies from both countries attended the Uzbekistan-Korea Business Forum. Mirziyoyev described combining Uzbekistan’s resource base with South Korea’s technological and investment capabilities as an important factor in creating new sources of economic growth.
Potential areas of cooperation include industrial production, energy and the green economy, transport infrastructure, digitalization and artificial intelligence, semiconductors, biotechnology and pharmaceuticals.
$8 billion program and critical minerals
Financial cooperation also featured prominently in the talks. Mirziyoyev supported establishing a new $8 billion partnership program with the Korea Eximbank.
The sides discussed accelerating projects involving high-speed trains, a new Bio Center, critical-mineral processing and digital technologies. A joint fund has also been established to finance critical-mineral projects.
They also considered plans to establish a center for designing and testing semiconductors and new materials with the participation of South Korean research institutes specializing in geology and materials science.
Automotive, transport and infrastructure projects
Meetings with Hyundai Motor Group, Kia and Hyundai Rotem focused on expanding production in Uzbekistan and localizing the manufacture of automotive components. The sides considered producing new Kia models, manufacturing electric and hybrid vehicles, and increasing exports.
Uzbekistan also discussed with Hyundai Rotem the possibility of additional supplies of high-speed trains, establishing a service center and localizing train components. According to the Uzbek president’s press service, the first Hyundai Rotem high-speed trains have already begun operating on the Tashkent–Khiva route, cutting travel time by half.
At a meeting with Shinhan Financial Group, the sides considered credit lines for Uzbekistan’s commercial banks, establishing a subsidiary of Shinhan Bank in the country, green lending, digital banking and financial solutions for small and medium-sized businesses.
The creation of a joint investment platform for transport and social infrastructure projects with Korea’s KIND infrastructure corporation was discussed. The agenda also included preparing a master plan for the area around the future Tashkent International Airport and integrating the airport with logistics hubs and urban infrastructure.
Modernizing Urgench International Airport and building a new Tashkent airport were discussed with the Incheon International Airport Corporation. The Korean company plans to open an office in Tashkent that could also serve as a center for airport management, digitalization and personnel training.
South Korean companies’ participation to expand
Mirziyoyev also met with Lotte Group Chairman Shin Dong-bin. The sides discussed development projects using South Korean technologies, cooperation in copper foil production and Lotte’s possible participation in managing Uzbekistan’s tourism centers.
The Uzbek president invited South Korean companies to participate in a range of projects, including copper processing, electrical equipment, robotics, energy storage systems, pharmaceuticals and urban infrastructure.
During the meetings, a proposal was also put forward to establish the Uzbekistan-Korea Industrial and Technology Alliance to expand cooperation between companies and research institutions.
The talks in Seoul indicate that Uzbekistan-South Korea economic cooperation is moving beyond individual investment projects toward a broader partnership. The new areas of cooperation cover manufacturing, finance, technology, critical minerals and strategic infrastructure.
