Economic Cooperation
INVESTMENT AND TRADE COOPERATION BETWEEN
THE REPUBLIC OF UZBEKISTAN AND THE REPUBLIC OF KOREA
The Republic of Korea recognized the independence of the Republic of Uzbekistan on December 30, 1991. Diplomatic relations were established on January 29, 1992.
Legal framework between the Republic of Uzbekistan and the Republic of Korea:
- Trade Agreement
- Agreement on the Promotion and Mutual Protection of Investments
- Convention on the Avoidance of Double Taxation and Prevention of Tax Evasion on Income and on Capital
In accordance with the Trade Agreement (signed in 1992), the Most Favored Nation regime was established in mutual trade between Uzbekistan and Korea.
Input Projects
HIMCHAN Hospital in Bukhara
Investments – 7 USD mln
New jobs – 140
Equipment– MRI, CT, X-ray, artificial respiration apparatus, surgical equipment, etc.
Investor – Korea Medical Foundation Sangwon Hospital HIMCHAN
Input date – November 2019
National E-Library
Investments – 18 USD mln
Capacity – 6 mln books and 200 libraries in the country
Investor – Korea Eximbank
Input date – April 2019
Ongoing Projects
Children's Medical Center
Investments – 130,6 USD mln, including contribution of the Korean side – 102,8 USD mln
Capacity – 280 beds
New jobs – 950
Investor – Korea Eximbank
Input date –2020
Equipment for Computer Classes
Investments – 18 USD mln, including contribution of the Korean side – 14,4 USD mln
Capacity – 45 936 computers for 2766 comprehensive schools, 850 of them are equipped
Investor – Korea Eximbank
Input date – December 2020
Tashkent Pharma Park
Investments – 160 USD mln, including contribution of the Korean side – 135,8 USD mln
New jobs – 750
Export – 50 USD mln per year
Investor – Korea Eximbank
Input date – December 2023
Facilitation of medical centers of Uzbekistan with modern equipment
Investments – 88 USD mln, including contribution of the Korean side – 74 USD mln
Capacity – 140 kinds of equipment for 187 regional medical centers
Investor – Korea Eximbank
Input date – 2020
TRADE TURNOVER
Top ten countries having the biggest trade turnover with Uzbekistan
(January-February 2020, USD mln)
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COOPERATION IN THE FIELD OF TOURISM
Effective since February 2018 a visa-free entry is established for the citizens of the Republic of Korea for a period of stay up to 30 days in the Republic of Uzbekistan.
RECENT TRENDS IN VISITOR ARRIVALS FROM THE REPUBLIC OF KOREA TO THE REPUBLIC OF UZBEKISTAN:
In 2018 the total number of citizens of the Republic of Korea who visited Uzbekistan amounted to 27 269 people (an increase of 16%). According to the results of 2019 this indicator reached to 35 524 people, an increase of 30.3%.
Famous Korean actress Lee Young-ae(mostly known for her lead in historical drama 대장금“Jewel in the Palace”) has been appointed as Ambassador of Tourism Brand of Uzbekistan in the Republic of Korea.
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