President of Uzbekistan receives Vice Prime Minister of South Korea

President of Uzbekistan Islam Karimov received Vice Prime Minister, Minister of Finance and Economy of South Korea Kwon O-kyu on 12 December in Tashkent.

“We consider the Republic of Korea as a reliable partner of Uzbekistan,” Islam Karimov said.

Kwon O-kyu emphasized that South Korea was interested in developing cooperation with Uzbekistan in the banking and financial sectors, as well as investment projects.

The talks focused on the further strengthening of cooperation in trade, economy and investments between the two states.

The Republic of Korea has supported reforms in Uzbekistan since the early days of the country’s independence.

President of Uzbekistan Islam Karimov, during the May 2005 visit of the President of South Korea Roh Moo-hyun to Uzbekistan, proposed raising bilateral relations to the level of strategic partnership.

In March 2006 Islam Karimov paid a visit to Seoul, during which a Joint declaration on strategic partnership was signed.

South Korea is one of Uzbekistan’s largest economic partners. The total volume of South Korean investments in Uzbekistan has exceeded USD 1.5 billion to date.

138 joint ventures created in partnership with South Korean investors operate in Uzbekistan, as well as representative offices of 37 South Korean companies.

The Central Bank of Uzbekistan recently registered the representative office of the Export-Import Bank of South Korea in Tashkent.