Uzbekistan and South Korea ink finance and investment deals worth $2.7bn

By bne IntelliNews November 26, 2017

Uzbekistan and South Korea have signed finance and investment deals worth $2.7bn, state-run UzDaily.uz news agency has reported.

The deals were signed during Uzbek President Shavkat Mirziyoyev’s recent visit to South Korea. As the most populous country in its region, Uzbekistan, with a population of 30mn, is South Korea's largest market in Central Asia. South Korea, on the other hand, is Uzbekistan’s third top export destination, according to latest available data. Uzbek exports to Korea amounted to $1.28bn in 2015, according to the Observatory of Economic Complexity data visualisation project.

One signed deal means a $2bn loan from Korea Eximbank will make its way to the Uzbek Fund for Reconstruction and Development. Also, Seoul is to provide the Uzbek government with $500mn in loans, the report said.

Korea Eximbank also agreed to provide $150mn in loans to the National Bank for Foreign Economic Activty of Uzbekistan to finance investment projects and trade transactions.

The Korean International Cooperation Agency (KOICA) and Uzbekistan’s State Committee for Investment, meanwhile, signed a memorandum of understanding on a 2018-2019 cooperation programme worth $32.2mn.

Finally, Uzbek Leasing International signed four agreements with GST Korea, Road International, KCP and KwangShin, which totalled $50mn.

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