Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

On June 16, the Uzbekistan - Korea Business Forum took place at the InterContinental Tashkent Hotel in Tashkent as part of the V Tashkent International Investment Forum. The event was dedicated to further developing cooperation between the Republic of Uzbekistan and the Republic of Korea in the areas of trade and economic relations, investment, and industrial cooperation.

The forum brought together representatives of government bodies, the business community, financial institutions, industry associations, and leading companies from both countries. It served as an important platform for strengthening the strategic partnership between Uzbekistan and Korea, promoting new investment projects, and expanding practical engagement between business circles.

During the forum, an official address by the President of the Republic of Korea, Lee Jae Myung, was read out. It emphasized the importance of expanding multifaceted cooperation between the two countries, deepening investment partnerships, and forming new drivers of economic growth.

More than 300 representatives of Korean companies and business organizations took part in the event. In particular, representatives of major industrial, infrastructure, financial, and technology companies such as POSCO, Samsung, Lotte, Daewoo E&C, Hyundai Rotem, Korea Overseas Infrastructure & Urban Development Corporation (KIND), Incheon International Airport Corporation, KOTRA, Korea Eximbank, Youngone Corporation, Bomi Engineering & Construction, ZYX Technology, and several other leading firms actively participated in the forum.

Within the framework of the forum, promising projects were presented in the fields of geology and mining, transport and logistics, aviation, urban development, industrial cooperation, pharmaceuticals, light industry, information and communication technologies, the financial sector, and modern infrastructure development.

Deputy Minister of Investments, Industry and Trade of the Republic of Uzbekistan, Ilzat Kasimov, highlighted the conditions created for investors in the country and the results of ongoing economic reforms. According to him, more than 200 licenses and permits have been abolished, the number of taxes has been reduced from 13 to 9, and the value-added tax rate has been lowered from 20% to 12%.

“We are building a competitive, export-oriented, and investor-friendly economy. The foreign exchange market has been liberalized, and all restrictions on the free repatriation of dividends and income have been lifted,” Ilzat Kasimov said.

The deputy minister noted that Uzbekistan’s GDP has doubled in recent years and is expected to reach $147 billion by the end of 2026. By 2030, the country aims to increase this figure to $240 billion.

He also announced the launch of joint projects with KAIT to establish a biotechnology cluster, as well as cooperation with KOTRA on the creation of a joint industrial zone, calling on Korean companies to implement their investment projects within these platforms.

Kim Bok Hwan, President of the Korea Overseas Infrastructure & Urban Development Corporation (KIND), spoke about large-scale infrastructure projects being implemented in cooperation with Uzbekistan. According to him, KIND-managed funds have already directed $2.5 billion in investments, and the corporation’s projects are being implemented in more than 88 countries worldwide.

“Today we are working on the Tashkent Airport, the Tashkent Smart Bio-Cluster, and the Tashkent Smart Logistics City projects. Due to its geographic location and logistics potential, Uzbekistan is one of our key partners in Central Asia. We plan to develop an integrated concept combining airports, logistics hubs, and new city development,” he said.

He noted that the Tashkent Smart Bio-Cluster project, being implemented in the Zangiota district of the Tashkent region, covers 61 hectares and has a total value exceeding $100 million. The project is aimed at developing the pharmaceutical industry, establishing modern production capacities, and introducing innovative technologies.

Representatives of the Korea Eximbank also emphasized the growing cooperation with Uzbekistan in transport, energy, gas, and infrastructure sectors. According to them, the new Tashkent Airport project and its related logistics infrastructure will mark a new stage in economic partnership between the two countries.

The Korean side also announced that 10 trillion won was allocated last year to support strategic raw material and industrial projects, and a similar amount is planned for the current year.

Rukhullo Zikrillaev, Deputy Director of the Agency for the Development of the Light Industry of the Republic of Uzbekistan, highlighted changes in the country’s textile industry. According to him, as a result of reforms implemented since 2017, Uzbekistan has transformed from a raw cotton-exporting country into a state with a full production cycle and an exporter of high value-added products.

“Today, more than 65% of our $4 billion textile exports consist of finished garments. These include apparel, home textiles, and technical textiles,” he said.

He also noted that preferential working capital loans and 15 types of subsidy programs have been introduced to support the industry, including reimbursement of costs for foreign specialists, rental of showrooms and warehouses abroad, participation in international exhibitions, and implementation of ERP systems.

Zikrillaev named Youngone Corporation as a successful investor, noting that the company is working on new investment projects worth about $30 million in the Samarkand and Tashkent regions.

“In some cases, the cost of doing business in Uzbekistan is even lower than in China. As a result, major companies from Europe, the United States, and other countries are placing their orders in Uzbekistan. We have reached a level where we can compete with Korean brands and retailers,” he said.

At the conclusion of the forum, a number of agreements and memorandums aimed at expanding cooperation were signed. In particular, a trilateral memorandum of cooperation was signed between the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan, the Agency for the Development of the Pharmaceutical Industry of the Republic of Uzbekistan, and the Korea Overseas Infrastructure & Urban Development Corporation (KIND).

In addition, G2B and B2B meetings were held within the forum, where discussions took place on investment projects, industrial cooperation, technology transfer, and new business initiatives.

The Uzbekistan–Korea Business Forum became an important platform for strengthening the strategic partnership between the two countries, increasing mutual investments, expanding industrial cooperation, and implementing new promising projects. The agreements reached and documents signed during the forum are expected to elevate practical cooperation between Uzbekistan and the Republic of Korea to a new level.