South Korean President Park Geun-hye and Uzbek President Islam Karimov adopted a joint statement suggesting that the two sides will closely cooperate in implementing joint investment projects conducted by Korean companies in Uzbekistan.
The two countries took the first step to forming a free trade agreement by signing a memorandum of understanding on conduct of joint study on bilateral trade pact. They also exchanged a total of 12 agreements and MOUs.
The Uzbek government plans to invest USD 55 billion to modernize its industry and construct new infrastructure over the next five years. Currently, Korean companies are participating in a number of projects including Surgil gas field development (USD 3.9 billion), conversion of gas into liquid (USD 3.1 billion), Kandym gas field development (USD 2.7 billion), and the modernization of Talimarjan power plant (USD 800 million).