Diplomacy Journal Kim Tae Yeon | Korea and Uzbekistan have begun full-scale preparations to expand substantive economic cooperation ahead of the summit between the two leaders and the 1st Korea-Central Asia Summit meeting scheduled for this coming September.

The ‘Korea-Uzbekistan Business Roundtable’ was held on the 11th at the Lotte Hotel in Seoul, attended by high-ranking government officials and key business leaders from both countries.

This event is a preliminary economic cooperation meeting organized ahead of the 1st Korea-Central Asia Summit, to be held in Seoul on September 16 to 17, and the visit of President Shavkat Mirziyoyev of Uzbekistan. It holds great significance as a venue designed to identify practical cooperation projects to be discussed at the summit between the two leaders and to derive concrete results regarding investment and economic cooperation.

The event was attended by high-ranking Uzbek government officials, including Deputy Prime Minister Jamshid Khojayev.

On the Korean side, government officials and representatives from major companies such as Hyundai Motor Group, Korea Electric Power Corporation (KEPCO), GS E&C, LX International, SK Nexilis, and Lotte Hotels & Resorts participated.

In his remarks, Deputy Prime Minister Khojayev explained that Uzbekistan is actively pursuing improvements in its investment environment and expanding the attraction of foreign investment under the goal of becoming an upper-middle-income country by 2030.

He expressed hopes that Korean companies would actively participate in Uzbekistan’s national development process, identifying infrastructure, key minerals, automobiles, artificial intelligence (AI), and the digital industry as key areas for cooperation between the two countries.

In particular, given that the Uzbek government has established a national plan for the development of AI and digital industries, he requested that Korean companies actively invest in and participate in the construction of data centers, digital technology, green industries, and renewable energy sectors.
Along with this, proposals were made to expand cooperation in the health and medical sectors, including the construction of hospitals and the establishment of pharmaceutical industry clusters.

The vision is for Uzbekistan, which possesses abundant natural resources and growth potential, to combine Korea’s technological prowess, capital, and industrialization experience to secure new growth engines.

Minister of Trade, Industry & Energy Yeo Han-Koo assessed Uzbekistan as a key economic cooperation partner for Korea and stated, “I hope that these discussions will enhance mutual understanding regarding trade, investment, supply chains, and economic cooperation between the two countries, and serve as a meaningful foundation to support the successful hosting of the 1st Korea-Central Asia Summit.”

Director General Moon Ji-sung for International Economic Affairs at the Ministry of Finance and Economy, also emphasized, “If Korea’s technological prowess and financial capabilities are combined with Uzbekistan’s abundant potential, the economies of both countries can achieve a new leap forward together.”

The participants intensively discussed cooperation projects in various fields, including industry, energy, key minerals, AI, digital transformation, health and medical care, pharmaceuticals, logistics, automobiles, infrastructure, and renewable energy. In particular, they reached a consensus on plans to develop certain projects into concrete investment and cooperation initiatives prior to the summit in September.

The leaders of five Central Asian countries--including Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan--are scheduled to attend the 1st Korea-Central Asia Summit slated for this coming September. President Mirziyoyev is also expected to visit Korea to attend the summit, accompanied by an Uzbek economic delegation of approximately 200 people.

Based on their "Special Strategic Partnership," Korea and Uzbekistan are strengthening existing cooperation centered on energy, transportation, and infrastructure, while simultaneously expanding the scope of collaboration into future industries such as critical minerals, AI, digital technology, health and pharmaceuticals, climate response, and agriculture.

This business roundtable is regarded as a venue that goes beyond simple business-to-business exchanges to concretize the economic agenda for the upcoming Korea-Uzbekistan Summit in September and prepare for tangible results in bilateral summit diplomacy. Furthermore, it is expected to serve as an important starting point for taking Korea's economic diplomacy with Central Asia to the next level.