Azernews.Az

By Kamila Aliyeva

Uzbekistan and South Korea are planning to conclude an agreement on preferential trade, the Uzbek Ministry of Foreign Trade reported.

The meeting with Korean Ambassador to Uzbekistan Kwon Yong Woo took place at the ministry on December 26.

Issues of practical implementation of the deals signed during the visit of the Uzbek President Shavkat Mirziyoyev to Korea on November 22-25 were discussed.

“The need to hold a meeting of a joint working group on the issue of concluding an agreement on preferential trade between Uzbekistan and Korea in the near future was highlighted,” the ministry said.

Kwon Yong Woo noted that the visit of the head of Uzbekistan created a favorable background and prerequisites for a significant activation of multi-format cooperation between the two countries.

During the meeting with the ambassador, an agreement to continue joint work on the timely and high-quality implementation of the memorandum on cooperation in the matter of Uzbekistan's accession to the World Trade Organization and other documents signed during Mirziyoyev's visit to Korea was reached.

In January-October 2017, the trade turnover between Uzbekistan and South Korea has grown by 36 percent, thus reaching $1.1 billion.

The activity of South Korean investors plays an important role in the development of trade and economic ties between the two countries.

The volume of investments of the Republic of Korea attracted to the economy of Uzbekistan exceeds $7 billion. Some 461 enterprises with the participation of South Korean capital operate in Uzbekistan. These enterprises successfully operate in the oil and gas, petrochemical and chemical, machine-building, electrical and textile industries, information and communication technologies, transport, logistics and tourism.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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