Uzbekistan and South Korea strengthen cooperation in mining and geology, advancing joint projects, geological exploration and strategic investment to support the modernisation of Uzbekistan’s mining sector.
The Republic of Uzbekistan and South Korea have made clear their readiness to increase cooperation within the framework of mining and geology, as the two sides explore new avenues for cooperation in these spheres. This is indicative of the growing strategic relations between the two nations and of their common interest in promoting the sustainable development of mineral resources of Uzbekistan.
The talks took place among Farida Khamidova, First Deputy Minister of Mining Industry and Geology of Uzbekistan, Ambassador of South Korea to Uzbekistan Won Do-youn, and Kang Sang-jin, Director of Uzbekistan office of Export-Import Bank of Korea (KEXIM).
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Based on a press release issued by the Ministry of Mining Industry and Geology of Uzbekistan, the discussions were focused on the present status of bilateral cooperation, as well as on the possibilities for further development of cooperation in the sphere of mining and geological survey.
Among the topics discussed was the enhancement of the mining sector in Uzbekistan through enhanced technology and information exchange. The discussion dwelled on the possibility of strengthening geological explorations in order to facilitate the effective use of mineral wealth available in the country.
The discussion also touched on preparations for future bilateral meetings designed to promote further sectoral cooperation. Steps to promote joint activities and the implementation of projects ensuring the long-term development of Uzbekistan’s mining and geology sectors were discussed.
As per the ministry, both the countries made it clear that they were committed to working closely with each other and were dedicated towards developing joint ventures. These talks reiterated the necessity of ongoing communication between government departments, financial bodies and the industries.
Economic development and investment and industrial modernization of Uzbekistan would not be complete without taking into consideration the importance of South Korea, which has continued to be a strategic partner for Uzbekistan. In the recent past, several companies from South Korea have greatly contributed to the development of industries in Uzbekistan.
The involvement of the Export-Import Bank of Korea (KEXIM) clearly shows how the importance of financial cooperation is increasing in helping Uzbekistan undergo its industrialization process. The bank has played an active part in developing projects and making investments to foster economic ties between the two nations.
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The strategy of expanding collaboration between Uzbekistan and South Korea is in line with the wider strategy of Uzbekistan, which seeks to promote foreign investment, new technology, and expertise for developing the country’s mining sector. Uzbekistan continues to conduct reforms in order to improve its investment environment and to boost geological exploration and mineral processing.
In the recent debates, there has been evidence of the common goal held by both Uzbekistan and South Korea to develop their strategic relationship through more collaboration in the fields of mining and geology. Through investment, technology and collaborative exploration activities, the two nations seek to facilitate industrial development and forge stronger economic relations between them.