Azernews.Az

By Abdul Kerimkhanov

Uzbekistan and South Korea build mutually beneficial relationships, starting with economy and investments and ending with global security issues.

The South Korean company Hyundai plans to start production of electric vehicles in the Kokand free economic zone, Podrobno.uz reported.

The President of Uzbekistan Shavkat Mirziyoyev was presented this project during his visit to the Fergana region. Mirziyoyev approved it and noted the need to pay special attention to quality and to meeting the deadlines for its implementation, the presidential press service informed.

Earlier, the South Korean company representatives announced plans to build a plant in Namangan region with an annual production capacity of 3,000 trucks and buses. The enterprise will assemble trucks with a carrying capacity from one to 50 tons, as well as intercity, international and tourist buses, and special vehicles.

"At the first stage, 8-20 cars per day and 1,000 cars per year will be produced here. Within three years, this figure will be increased to 3,000, that is, 2,000 trucks and 1,000 buses,” Hyundai noted.

Initially, the spare parts will be imported from South Korea, but then, in accordance with the localization program for three years, the production of components will be gradually mastered in Uzbekistan.

Diplomatic relations between Uzbekistan and the Republic of Korea were established on January 29, 1992.

Uzbekistan is the main trading partner of South Korea among the countries of Central Asia. Uzbekistan accounts for over half of the trade turnover of South Korea with the states of the region.

There are representative offices of more than 70 South Korean companies in Uzbekistan, and over 630 enterprises with South Korean investments. In 2018, more than 150 enterprises with South Korean investments were formed.

The main areas of their activity are oil and gas, petrochemicals and chemicals, mining, engineering, electrical engineering, textile, information and communication technologies, transport and logistics, tourism, production of building materials, as well as processing of agricultural products.

The volume of trade between the two countries amounted to more than $2 billion in 2018, which is 57 percent more than in 2017.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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