Uzbekistan, South Korean Eximbank to sign $8 bln partnership program

TASHKENT. Sept 15 (Interfax) - Uzbekistan and South Korea's Export-Import Bank plan to sign an $8 billion partnership program, Uzbek President Shavkat Mirziyoyev's press office said.

Mirziyoyev held a meeting in Seoul with Hwang Ki-yeon, Chairman of the Export-Import Bank of Korea.

"The Head of State supported the signing of a new $8 billion partnership program. The sides also discussed accelerating projects involving the supply of high-speed trains, the establishment of a Bio-Center, critical minerals processing and the development of digital technologies," the press office said.

Particular attention was given to establishing a Women's Entrepreneurship Center in the Aral Sea region and attracting Korean financial institutions and companies to the project to construct the new Tashkent-Samarkand railway.

The parties mentioned the launch of a joint fund to finance projects in the critical minerals sector. "It was also proposed to develop a project to establish a design and testing center for semiconductors and new materials," the press office said.

They emphasized the importance of the active participation of the Korea Institute of Geoscience and Mineral Resources and the Korea Institute of Rare Metals in these projects, it said

Mirziyoyev met with Kim Sung, President for Strategic Planning at Hyundai Motor Group. The two discussed expanding production in the Jizzakh automotive cluster, increasing the share of localized auto component production, establishing full-cycle production of Kia vehicles and developing exports. Particular attention was paid to the launch of new models and a press shop. Prospects for establishing the production of electric and hybrid vehicles were also discussed.

The first Hyundai Rotem high-speed trains began operating on the Tashkent-Khiva route, cutting travel time in half. In this regard, the parties discussed additional deliveries of the company's trains. The importance of setting up a Hyundai Rotem service center in Uzbekistan, localizing component production and exploring the production of magnets for electric motors was mentioned.

Mirziyoyev met with Lotte Group Chairman Shin Dong-bin. Lotte is one of the largest Korean investors in the country. "The discussion covered the implementation of development projects in Uzbekistan using advanced Korean technologies, as well as prospects for expanding cooperation in copper foil production. The President supported the company's plans to manage tourist centers in Uzbekistan and improve the quality of services in the hotel business. Following the meeting, the sides agreed to establish a working group to monitor the implementation of joint projects," the press office said.