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NEWS

2nd Korea-Uzbekistan Finance Ministers' meeting held

english.mosf.go.kr
18 December 2013

Introduction

The 2nd Korea-Uzbekistan Finance Ministers' Meeting was held in Seoul on December 18. 

Last year, the 1st Korea-Uzbekistan Finance Ministers' Meeting was held to celebrate the 20th anniversary of the establishment of diplomatic ties between the two countries and to create a high-level channel for economic cooperation. This year's meeting sought to maintain the cooperative momentum that grew out of the first meeting.

The meeting aimed to strengthen Korea's bonds with Uzbekistan, which the Park administration sees as key partner for the 'Eurasia Initiative.' The meeting focused on discussions regarding increasing the number of Korean firms entering Commonwealth of Independent States (CIS) markets, which have high growth potential, and cooperating through both the Economic Development Cooperation Fund (EDCF) and Korea's Knowledge Sharing Program (KSP).

 

Major Outcomes

1. The Eurasia Initiative

The Eurasia Initiative seeks to strengthen distribution and transportation networks in Uzbekistan and other Central Asian countries. Korean firms will be able to enter the Uzbekistan market by participating in a plan to develop transportation and communication infrastructure over 5 years.

Cooperation will be strengthened between the two countries by emphasizing creativity and convergence, which are crucial to creating new value-added jobs. Both countries agreed to promote technological cooperation and human resources exchange between small and medium-sized Korean and Uzbekistani enterprises, and to strengthen cooperation in convergence industries.

 

2. Win-Win Bilateral Economic Cooperation on Expanding Korean Firms' Market Presence in Uzbekistan

Both countries agreed to cooperate in order to ensure that Uzbekistani projects that are being worked on by Korean firms, such as the construction of a chemical plant in Surgil and the development of the Surgil gas fields, are completed in a timely manner.

Korea and Uzbekistan will construct a joint task force in order to promote the development of solar power resources in Uzbekistan, and Korean firms will be able to get involved in solar power development projects in Uzbekistan.

 

3. Development Projects in Uzbekistan

Korea, through the EDCF, pledged US $100 million for Uzbekistan's National Children's Hospital and US $14 million for a national electronic library. Korea will work as quickly as possible to sign a new EDCF framework arrangement (2014-2017, worth US $250 million).

Uzbekistan voiced its appreciation for Korea's Knowledge Sharing Program, and Korea agreed to share its knowledge in a number of areas, including financial policy, information and communications technology, and infrastructure.