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South Korean Investors to Acquire State Assets of Uzbek Companies to $220 Million

The President of the Republic of Uzbekistan Islam Karimov received November 5 the first Deputy Minister of Industry, Trade and Natural Resources of the Republic of Korea Lee Hwang-sop at Oksaroy residence.

The head of our state noted that South Korea is one of the key technical and investment partners of Uzbekistan. A number of strategic projects in various sectors of our economy are being implemented with the active participation of South Korean businesses. A vivid example of such cooperation is the recently completed construction of Ustyurt gas chemical complex at Surgil Deposit worth about $ 4 billion.

As was underlined at the meeting, the participation of a representative South Korean delegation in the International investment forum in Tashkent demonstrates the further deepening of strategic partnership relations between our countries and the implementation of the agreements reached during the meetings at the highest level.

The sides discussed issues related to participation of South Korean investors in the privatization of state-owned enterprises and assets in Uzbekistan, the joint implementation of new investment projects in key industries and infrastructure.

The sides highly appreciated the signing of a number of agreements and memoranda on the acquisition of state assets in oil and gas, chemical, electrotechnical, machine-building and food industry, production of building materials and infrastructure industries. A total of 24 documents worth $220 million have been signed with South Korean partners within the framework of the International investment forum. Lee Hwang-sop thanked the President of Uzbekistan for a warm reception and noted that the Republic of Korea attaches high priority to the further development and strengthening of bilateral mutually beneficial cooperation, primarily in trade-economic and investment spheres.

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