Photo by the press service of the President of Uzbekistan
South Korean companies and financial institutions have announced plans to establish semiconductor design and testing facilities and an airport management center in Uzbekistan. These and other initiatives were discussed during Uzbek President Shavkat Mirziyoyev’s state visit to Seoul.
At talks with Export-Import Bank of Korea Chairman Hwang Ki-yeon, discussions focused on approving a new $8 billion partnership program with Uzbekistan. The proposed program builds on existing cooperation in healthcare, critical materials, education and transport.
The bank, known as Korea Eximbank, will work with the Korea Institute of Rare Metals and the Korea Institute of Geoscience and Mineral Resources to develop a project for a Semiconductor Design and Testing Center. The initiative has strategic significance given the demand for semiconductors across a wide range of industries. A joint fund is also planned to finance critical minerals projects.
Korea Eximbank will also help establish a Women’s Entrepreneurship Center in the Aral Sea region. In addition, it will participate in the construction of a new railway between Tashkent and Samarkand.
Incheon International Airport Corporation President Kim Beom-ho briefed Mirziyoyev on progress in modernizing Urgench International Airport and building a new airport in Tashkent. He also announced plans to open a company office in the Uzbek capital, which will serve as the base for a center of expertise in airport management, digitalization and staff training.
At a meeting with South Korean manufacturing executives, participants noted that full-cycle production of Kia vehicles had been established in Uzbekistan. The next steps include opening a stamping shop and developing new models, including hybrids and electric vehicles.
Mirziyoyev praised the quality of Hyundai Rotem trains operating between Tashkent and Khiva. The talks also covered additional rolling stock deliveries, a service center in Uzbekistan and facilities to manufacture components and magnets for electric motors.
Lotte Group, one of South Korea’s largest investors in Uzbekistan and a participant in the Ustyurt Gas Chemical Complex, is planning to expand its partnership with the country. The group is prepared to invest in several development projects and a copper foil manufacturing plant. It also expressed interest in managing tourism sites and improving hotel services.
Financial cooperation was discussed at Mirziyoyev’s talks with executives from Shinhan Financial Group. The group proposed extending credit lines to Uzbek commercial banks and opening a branch of one of its subsidiaries in Tashkent. It also plans to develop green lending, digital banking and tailored financial services for small and medium-sized businesses.
