South Korean Trade Minister Yoo Myung-hee and Russian Economic Development Minister Maxim Oreshkin initiated the two sides’ FTA negotiations in service and investment in Moscow on June 20 (local time). The two countries agreed to initiate the negotiations at the South Korea-Russia summit in June las
Korea Trade International Corp. (K-sure) will expand cooperation with export credit agencies in Uzbekistan and Kazakhstan to help Korean companies enter West Asia.The corporation concluded a cooperation agreement with Uzbek Invest Uzbekistan, a local export credit agency in Tashkent, Uzbekistan, on
SK Engineering & Construction will modernize an oil refinery in Uzbekistan which will produce the central Asian country’s first eco-friendly oil products.SK E&C announced on April 21 that it signed a US$600 million contract with UNG, a state-run oil and gas corporation of Uzbekistan, to modernize Bu
Incheon Free Economic Zone (IFEZ) Authority announced on March 10 that it has signed a memorandum of understanding (MOU) with the Namangan Region Government of Uzbekistan for FEZ development and investment promotion.It is the fourth MOU between IFEZ Authority and Uzbekistan. Earlier, IFEZ Authority
Doosan Infracore announced on Feb. 4 that it has signed contracts with its clients in Uzbekistan to supply 47 units of construction machines such as excavators and wheel loaders. Before signing the deals, Doosan Infracore won a contract to supply 46 excavators and wheel loaders for mining and infras
The Incheon Free Economic Zone (IFEZ) has become a role model for development of free economic zones in Uzbekistan.Kim Jin-yong, president of the Incheon Free Economic Zone Authority, and Kasymov Ilzat Ablahatovich, vice governor of Tashkent State in Uzbekistan, signed an MOU on promoting the develo
Korean petrochemical companies have competitively made a large investment in new ethylene production facilities in the past few years. As these new plants will start commercial production in from this year, concern is growing that there could be a supply glut. However, some analysts say that the com
KT announced on September 21 that it signed a contract with the Uzbekistan power authority to supply a smart meter and operation system, which is worth 30 billion won (US$ 25 million). In the next two years, KT plans to install a smart meter system capable of bi-directional communication with 360,00
Korea Midland Power (KOMIPO) president Park Hyung-koo recently visited Russia and Uzbekistan in order to help South Korean small and medium enterprises (SMEs) expand their business in the two countries.Korea Midland Power announced on May 8 that Park visited power plants in the two countries with re
CJ Logistics will make a full-scale entry into 'northern logistics' through strategic cooperation with a Russian logistics company.On March 18, CJ Logistics announced that the company signed a memorandum of understanding (MOU) on strategic cooperation and joint business development with FESCO, a rep
Ookia announced the result of its Internet speed test for November this year on December 13. According to the company, the global average download speed was 40.11 Mbps and 20.28 Mbps for broadband and mobile, respectively. The rates increased 31.6% and 30.1% from a year ago, respectively.When it com
Hyundai Engineering & Construction Co. and POSCO Daewoo Corp. will jointly conduct a project worth US$1.8 billion (1.9 trillion won) to build a combined-cycle power plant and high-voltage power transmission and transformation line in Uzbekistan.The consortium of Hyundai E&C and POSCO Daewoo announce
Korean and Uzbek economic circles agreed to establish strategic partnership that will actively work with the Moon Jae-in administration’s new northern policies."I expect that the Uzbek government’s recent bold reforms including exchange rate and tax reforms and an improvement in public services will
KOGAS announced on September 26 that the company achieved the first dividend income of approximately 25 million dollars from the Surgil Gas Field Development and Gas Chemical Plant Construction and Operation project in Uzbekistan.The Surgil project is a high-value-added package-type resources develo
The South Korean government is planning to reach US$200 billion in terms of the total value of overseas construction orders obtained from 2017 to 2021. For reference, the annual total of the value has been on average about US$100 billion for years.The government’s rather humble goal has to do with a
The Visit Korea Year Committee announced on July 4 that the committee held a press conference to introduce major activities and projects linked to the “2016 - 2018 Visit Korea Year” campaign and the “2018 Pyeongchang Winter Olympic and Paralympic Games” to journalists from five Asian countries at th
Lotte Group has been making a lavish investment in the petrochemical sector. After Chairman Shin Dong-bin has secured the management control over the group, he has expanded investments in the chemical business sector.In fact, Lotte spent 3 trillion won (US$2.6 billion) in acquiring Samsung SDI’s che
"We will prepare a new takeoff to be the best chemical company and lay the foundation for becoming a world-class corporation through innovations and changes in 2017," Lotte Chemical CEO Huh Soo-young said in a meeting to start the New Year on January 2."The CEO also called for the thorough managemen
South Korean Deputy Prime Minister Yoo Il-ho met with Deputy Prime Minister of Uzbekistan Rustam Azimov in Seoul on December 21. There, the South Korean and Uzbekistan governments agreed to an increase in Economic Development Cooperation Fund (EDCF) assistance limit from US$250 million to US$400 mil
KT&G, South Korea’s top tobacco maker, has carried out various corporate social responsibility (CSR) activities at home and abroad, actively practicing its management philosophy of “Go-together Company.” The company has been involved in CSR activities in Cambodia, Indonesia, Uzbekistan and Mongolia