Moon’s trip to Central Asia may lead to $28b worth of cooperation projects

South Korean President Moon Jae-in’s ongoing trip to Central Asia will lead to enhanced cooperation between his country and Central Asian countries, including new joint projects that could be worth more than US$28 billion in total, the presidential office said Monday.

The assessment came one day before Moon returns home, wrapping up his three-nation tour.

The South Korean president arrived here Sunday on a three-day visit, following his trips to Turkmenistan and Uzbekistan.

“Turkmenistan, Uzbekistan and Kazakhstan are all traditional transportation and logistics hubs of the Silk Road. The president‘s trip to the countries this time means the country has begun to implement the core value of its New Northern Policy, which is to strengthen the country’s connectivity with the Northern economic sphere,” Cheong Wa Dae said in a press release. 

Cheong Wa Dae said the heads of state of all three Central Asian countries visited by Moon have expressed hope for increased economic cooperation with South Korea.

Moon‘s visits may also lead to new business projects that it said will be worth over $28 billion if realized.

First, the president sought to win the countries’ support for 24 new projects, worth $13 billion, that are currently sought by South Korean businesses.

In addition, Uzbekistan has proposed new projects worth $12 billion while Kazakhstan proposed $3.2 billion worth of new projects, Cheong Wa Dae said.

President Moon will personally check on the future progress of the proposed projects, it added. (Yonhap)