SEOUL, SO. KOREA - Located in the heart of Eurasia, Uzbekistan is emerging as an international business hub for production and logistics.

In recognition of Uzbekistan’s promising growth prospects, WTC Seoul dispatched a Korean trade delegation, consisting of domestic exporters, from February 25 to 28 to Tashkent, the capital city of Uzbekistan, for business consultations and a forum event.
With a population of 30 million and per capita GDP of USD 1,700, Uzbekistan is located in the center of the Eurasian continent, which connects Eastern Europe and Western Asia, and is a fast-growing economy, whose growth rate has been estimated at 8% this year.

Numerous Korean business leaders took part in business consultations for two days during the event, to discuss strategies for utilizing Uzbekistan’s geographical advantages and securing a local production base, as well as potential business partners.

In conjunction with the delegation’s visit, the 1st Korea-Uzbekistan Business Forum also took place on the 27th, where various topics were covered from trade promotion to investment opportunities. Hosted by WTC Seoul (KITA) and the Foundation Support for Exports of Small Businesses and Private Entrepreneurship of Uzbekistan(EPF), the forum was attended by approximately 200 representatives from Uzbek companies and government ministries, Korean business delegates, and staff from Korean firms with operations in Uzbekistan.

Vice Chairman Hyunho Ahn of WTC Seoul said during his opening remarks that “Korea is now the third largest investor in the Uzbek market after China and Russia. As Uzbekistan has the potential to become very influential in this region, we plan to continuously expand bilateral cooperation in the coming years.”

Deputy Minister Shavkat Tulyaganov of EPF emphasized Uzbekistan’s efforts to create a business-friendly environment and said “Uzbekistan enacted 6 laws to enhance tax benefits for corporate investors and also removed around 80 regulations last year alone.”

In addition to the forum and business consultations, the Korean delegation visited local distribution facilities, and the Angren Special Economic Zone, which was established in 2012 for fostering energy and high-tech sectors. 

For more information on this article, please contact Mr. Kai Hyokyu SONG, manager of Global Marketing department, WTC Seoul, at shkstyle@kita.net.