Joint business community celebrates Uzbek Independence Day

Korean-Uzbek Business Association Chairman Kim Young-gu poses after receiving the prestigious “Dostlik Order” from the Uzbek government in recognition of his dedication to the development of bilateral relations, during a ceremony at the former Uzbek Embassy in Seoul in 2011. / Courtesy of Embassy of Uzbekistan

By Kim Young-gu

It is a great honor for me today to deliver my warmest congratulations to the Uzbek people through The Korea Times with regards to the celebration of the 29th anniversary of the Independence of the Republic of Uzbekistan and the 28th anniversary of the establishment of diplomatic relations between the Republic of Uzbekistan and the Republic of Korea.

Uzbekistan and Korea are special strategic partners that are linked by ancient history, cultural ties, trade, economic relations and investment partnerships. Over the past three years, colossal changes have taken place in Uzbekistan. The country under the leadership of His Excellency President Shavkat Mirziyoyev began to open up to the whole world. International organizations highly appreciated the reforms that have been carried out in Uzbekistan.

The reforms were not limited to economic liberalization. On the initiative of the distinguished President Shavkat Mirziyoyev, the Five-Area Development Strategy for 2017-2021 was adopted. This strategy covers all spheres of life of the population of Uzbekistan. As a result of the continuing purposeful work of the President and the Government of Uzbekistan, the country’s image on the world stage began to strengthen rapidly. Uzbekistan is becoming a regional power gradually and confidently.

Currently, Uzbekistan has created all the conditions for the implementation of investment projects. Nowhere in the world can you find a country where such great opportunities are provided to foreign investors. Exemption from all types of taxes within the framework of free economic zones, the provision of territory and facilities at a “zero” cost subject to attracting investment, relatively cheap infrastructure for organizing production (energy, water, labor, etc.) and highly qualified specialists can dramatically increase the profitability of any investment project.

As the largest market in Central Asia with a population of 34 million, Uzbekistan is an industrial hub for organizing production and entering the 300 million markets of the CIS countries and Afghanistan. Taking advantage of the opportunities provided by the Government of Uzbekistan, Korean companies will be able to confidently create production facilities to make a profit and enter the market of the CIS countries and successfully implement the New Northern Policy initiated by the President of the Republic of Korea Moon Jae-in.

As you know, President Shavkat Mirziyoyev has repeatedly expressed full support for this initiative of President Moon Jae-in. This circumstance gives all of us, Korean companies, confidence in creating new production facilities in Uzbekistan with the attraction of direct investments and modern technologies.

Uzbek Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov, left, poses with Deputy Prime Minister and Finance Minister Hong Nam-ki before their talks at the Seoul Government Complex in Seoul, July 6. / Courtesy of Embassy of Uzbekistan

Uzbek Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov, left, poses with Korean-Uzbek Business Association Deputy Chairman Edward Kim during a visit to the association in Songdo, Incheon, July 8. Kim represented the association on behalf of its chairman Kim Young-gu. / Courtesy of Embassy of Uzbekistan

In order to implement the ideas and intentions of leading Korean companies in relation to Uzbekistan, we have established the Korean-Uzbek Business Association that is accredited by the Ministry of Trade, Industry, and Energy of the Republic of Korea. This organization, in our opinion, will become a pivot in bilateral investment and trade relations between Uzbekistan and Korea.

Despite the pandemic, a high-ranking delegation of the Republic of Uzbekistan headed by Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov visited Korea on July 6-8 of this year. We highly appreciate the attention of the respected Sardor Umurzakov and his desire to visit the Korean-Uzbek Business Center in Incheon, where we were able to exchange views on strengthening and developing trade cooperation by attracting reliable and leading Korean companies to Uzbekistan.

Uzbek Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov, front row center, poses with Korean-Uzbek Business Association members in Songdo, Incheon, July 6. / Courtesy of Embassy of Uzbekistan

We also agreed to establish branches of the Korean-Uzbek Business Association in the cities of Tashkent and Fergana, which will start operating in September 2020. This will make it possible to closely interact not only with the central government of Uzbekistan but also with the regions and territories of the country.

On this important day for Uzbekistan, as the Chairman of the Korean-Uzbek Business Association, I want to wish all the people and the leadership of the Republic of Uzbekistan prosperity and well-being.

At the same time, I want to emphasize that all members of the Korean-Uzbek Business Association are ready to make every effort to successfully implement the tasks set to strengthen the “special strategic partnership” and thereby make a significant contribution to the economic development of Uzbekistan.

Kim Young-gu is the chairman of the Korean-Uzbek Business Association.