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Economic Cooperation Worth US$12.9 Billion Discussed at Korea-Uzbekistan Summit Meeting
Korea-Uzbekistan Cooperation
Economic Cooperation Worth US$12.9 Billion Discussed at Korea-Uzbekistan Summit Meeting
  • By matthew
  • June 19, 2014, 07:10
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President Park Geun-hye and Uzbek President Karimov shake hands after signing the “joint statement of strategic bilateral development” at the Presidential Palace in Tashkent on June 17 (local time).
President Park Geun-hye and Uzbek President Karimov shake hands after signing the “joint statement of strategic bilateral development” at the Presidential Palace in Tashkent on June 17 (local time).

 

In her state visit to Uzbekistan President Park Geun-hye held a summit meeting with President Islam Karimov on June 17 and exchanged views on economic cooperation worth US$12.9 billion, including gas fields and solar energy generation. 

Both presidents evaluated the cooperation in large-scale projects worth US$8 billion including Surgil gas field development and gas chemical plant construction, Talimarjan combined cycle power plant construction, and gas-to-liquid (GTL) projects. Simultaneously, the two leaders agreed to continue cooperation for the smooth execution of these undertakings. 
The two leaders also agreed on continuous cooperation in new ventures such as Kandym gas field expansion, construction of a gas restoring factory and solar energy plant, and e-government implementation. 

The Kandym project, a US$4 billion gas mining and restoring facility, is invested in by Russia’s Lukoil and National Holding Company (UNG) at the ratio of nine to one.

The e-government project amounting to US$300 million has been carried out in Uzkek’s public organization by two Korean ICT specialists since last year. President Karimov requested to invite Korean specialists during his visit to Korea in 2012. 

The two leaders also agreed to sign an MOU on bilateral textile industry cooperation and textile technopark development, since Uzbekistan is a nation with great human resources (30 million) in central Asia as well as the sixth largest cotton-producing nation in the world.