Uzbekistan and South Korea to launch new industrial projects

Uzbekistan and South Korea to launch new industrial projects

Shavkat Mirziyoyev put forward proposals to take economic cooperation between the two countries to a new level at the Uzbekistan–South Korea Business Forum in Seoul.

The head of state called on South Korean businesses to invest in establishing new production facilities in Uzbekistan, introducing modern technologies and developing infrastructure.

It was noted that 120 projects worth more than $4 billion are planned to be implemented in the critical minerals sector in the coming years. The focus will be not on exporting raw materials, but on their deep processing and the production of finished high-tech products.

By 2030, Uzbekistan aims to increase the output of its electrical engineering industry to $11 billion and exports to $5 billion. Joint projects were also proposed in the fields of biopharmaceuticals, transport and urban infrastructure, engineering, and specialist training.

The President emphasized that Uzbekistan could become a production and export hub for South Korean companies in Central Asia. To implement these initiatives, he proposed establishing an Uzbekistan–South Korea Industrial and Technological Alliance.