29 November 2020

00:00:00 (GMT+5)

Tashkent +4,8 °C

Uzbekistan
3 Jul  2020 3797

Prospects for economic cooperation with Japan, the Republic of Korea and the UAE discussed

On July 2, President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting to review the implementation of priority projects and prospects for expanding trade-economic, investment and financial-technical cooperation with Japan, the Republic of Korea and the United Arab Emirates.

In recent years, the indicators of mutual trade turnover with these countries have been steadily growing, new joint projects of cooperation in various sectors are being implemented within the framework of roadmaps based on the results of summits.
 
At the meeting, special attention was paid to timely implementation of existing projects and development of new proposals for deepening the investment cooperation.
 
It was noted that 48 projects worth $5.6 billion are being implemented in the country together with Japanese partners in such areas as geology, chemistry and petro chemistry, banking and financial sector, healthcare and education.
 
In particular, projects are being successfully implemented for construction of hotel complexes with HIS Group, expansion of production capacities of SamAuto JV with Isuzu and Itochu companies, construction of power units at Navoi Thermal Power Plant with attraction of preferential loans from Japan International Cooperation Agency (JICA) and many others.
 
It was noted that, despite the pandemic, since the beginning of the year, mutual contacts between the government and businesspeople of the two countries have intensified, including through modern information technologies.

The Head of the state noted the need for expanding practical cooperation between Uzbekistan and Japan by promoting specific economic programs and projects.
 
Bilateral cooperation with the Republic of Korea has also shown positive dynamics in recent years. Since the beginning of the year, the trade turnover has reached $1 billion, 60 new enterprises have been created with participation of Korean capital and their total number has reached 855.
 
It was noted that projects have successfully been implemented this year to create Children's Multidisciplinary Medical Center in Tashkent and Uzbek – Korean International University in Fergana, which created about 1 thousand new jobs.

The construction of an Innovative research and production pharmaceutical cluster in Tashkent region’s Zangiota district, which was launched by President of the Republic of Uzbekistan on April 17, 2020, is in full swing. The project provides for creation of a Pharmaceutical Technical University, as well as modern production of medicines.
 
Such spheres as agriculture, innovation and ICT, chemical, pharmaceutical, light, electrical and jewelry industries, education and healthcare are identified as promising areas.
 
Within the framework of financial-technical assistance programs through Korea International Cooperation Agency (KOICA) and Economic Development Fund, 17 projects worth more than $750 million are being implemented, including the construction of a Chemical Technology Center, an adult medical clinic, equipping medical and educational institutions in Uzbekistan.
 
As a result of joint projects with Japan and Korea, it is planned to attract foreign investments totaling more than $1 billion.
 
In general, practical implementation of agreements will create more than 50,000 new jobs, increase production by $4.1 billion and exports by $1.14 billion.
 
Following the high-level visit to the UAE in 2019, a solid package of bilateral documents, as well as agreements in trade-economic and investment spheres were also signed. It is planned to implement projects in energy, infrastructure, chemistry and petro chemistry, agriculture, tourism and other areas.
 
To date, specific projects worth more than $4 billion are being worked out, the total number of enterprises with UAE capital is 141.
 
It was noted that agreements with UAE companies are already yielding results.
 
Thus, Masdar company invests in construction of a 500 MW Wind Power Plant in Navoi region, the total investment will amount to more than $500 million.
 
A joint investment company with a capital of $1 billion was created with participation of Abu Dhabi Fund for Development. The company started financing its first projects.
 
Abu Dhabi Fund for Development participates in modernization of infrastructure of the city of Samarkand.
 
UAE’s Mubadala Investment Company is working on projects in energy sector, as well as on increasing production and deep processing of hydrocarbons.
 
President Shavkat Mirziyoyev noted the need for full and qualitative implementation of measures set for 2020 in accordance with roadmaps with Japan, the Republic of Korea and the UAE.
 
Reports from heads of involved ministries and agencies were heard at the meeting, specific measures and tasks were identified.

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