S. Korea holds ministerial level talks with Uzbekistan, strengthens economic ties

South Korea and Uzbekistan held ministerial talks in Seoul on Monday, where they agreed to accelerate discussions on business projects and push forward a bilateral free trade agreement.

Korea’s Industry Minister Sung Yun-mo and Uzbekistan’s Deputy Prime Minister for Investments and Foreign Economic Affairs Sardor Umurzakov attended the meeting. It was the first ministerial meeting held face-to-face since the viral outbreak, according to officials explained.

On the occasion, a front-end engineering design contract was signed between SK Engineering & Construction and Uzbekistan’s state-run gas corporation for modernization of an oil refinery in Bukhara.

The project is one of 39 co-projects agreed on between the presidents of the two countries.

In April, Uzbekistan also proposed 57 additional projects when Uzbek President Shavkat Mirziyoyev’s held a phone call with Korean President Moon Jae-in.

The two nations will increase cooperation in the automobile, textile and agricultural industries, while initiating businesses producing protective gears for the coronavirus, as well as digital health and data platforms that can counter the pandemic, according to the ministry.

Meanwhile, Korea and Uzbekistan checked their on-going processes for an FTA. The two countries also promised to continue following steps to wrap up an agreement.

Industry Minister Sung expressed hopes that the trade agreement will increase economic cooperation between the two nations down the road.

By Shim Woo-hyun (ws@heraldcorp.com)