CHAIRMAN OF THE KOREA - UZBEKISTAN BUSINESSS ASSOCIATION
Politics & Diplomacy I Interview I Uzbekistan 2023
_BIOGRAPHY He holds the position of Chairman at the Eurasia Networks Group since 2020. he has been serving as Trade and Investment Advisor for the Cabinet of Ministers of Uzbekistan and was honored with the "Dostlik" award by President Shavkat Mirziyoyev. he serves as an International Advisor for Incheon City, Korea, and as a Policy Advisor for Pyeongtaek City.
“THE KOREA – UZBEKISTAN BUSINESS ASSOCIATION IS DEDICATED TO PROMOTING ECONOMIC COOPERATION AND FACILITATING THE ENHANCEMENT OF ECONOMIC, CULTURAL, AND SOCIAL EXCHANGES BETWEEN BOTH COUNTRIES.”
CAN YOU TELL US A LITTLE BIT MORE ABOUT THE KOREA – UZBEKISTAN BUSINESS ASSOCIATION AND ITS ROLE IN PROMOTING ECONOMIC COOPERATION BETWEEN THE TWO COUNTRIES?
The Korea – Uzbekistan Business Association was officially established in 2020 based on recommendations and active support from the relevant ministries of both governments. Its main objective is to introduce the Uzbek business environment to Korean companies and to play a pivotal bridge role in promoting economic cooperation between the two countries.
Since its inception, we have supported over 50 Korean companies in 30 different projects across a range of sectors, including education, IT, construction, manufacturing, distribution, and trade. All of these projects have been successful and have played a significant role in the economic development of both countries. We have also organized several economic forums between Korea and Uzbekistan, which have attracted approximately 1,500 participants from 400 Korean companies. These forums have resulted in MOUs worth approximately U$1.2 billion being signed.
Currently, there are nearly 1,000 Korean companies and enterprises actively participating in economic activities in Uzbekistan, and approximately 80,000 Uzbek workers and international students working and living in Korea. This long-standing partnership between the two countries continues to deepen.
WHAT ARE SOME OF THE BENEFITS THAT FOREIGN INVESTORS CAN EXPECT IN UZBEKISTAN?
Since the new government of H.E. President Mr. Shavkat Mirziyoyev took office in late 2016, Uzbekistan has been making remarkable progress through groundbreaking changes, including various benefits for foreign investors, such as exemptions from customs duties and reductions of corporate taxes through free economic zones across the country. Moreover, there’s free repatriation of profits after settlement, which has attracted foreign companies to invest in the country.
WHAT ARE SOME OF THE CHALLENGES THAT KOREAN COMPANIES FACE WHEN DOING BUSINESS IN UZBEKISTAN?
One of the primary challenges that Korean companies may encounter is the language barrier and cultural differences. Although English is widely used, it is not the primary language used for business dealings in Uzbekistan. Therefore, Korean companies may need to rely on local interpreters or translators to effectively communicate with their Uzbek partners.
It is worth noting that Uzbekistan is a culturally rich country, and Korean companies are encouraged to appreciate and respect the cultural diversity of the country when conducting business activities. Additionally, with the right approach and understanding, Korean companies can establish successful business relationships with their Uzbek counterparts.
CAN YOU TELL US MORE ABOUT THE CULTURAL AND SOCIAL EXCHANGES BETWEEN KOREA AND UZBEKISTAN?
In addition to economic activities, our association is also actively engaged in various CSR, including medical and cultural volunteer works, and donation activities to the local governments, such as providing vehicles for disabled people, fire trucks, and ambulances. We believe that such activities not only help the local community but also promote understanding and friendship between the two countries. For example, I recently donated a statue of Alisher Navoi, a great thinker, and poet, to Uzbekistan, and a statue of King Sejong the Great, one of the most revered figures in history by the Korean people, to Seoul Park in Tashkent, Uzbekistan, contributing to the development of cultural exchange between the two countries.
WHAT DO YOU SEE AS THE FUTURE OF ECONOMIC COOPERATION BETWEEN KOREA AND UZBEKISTAN?
I believe that Uzbekistan has great potential for economic development, and with the right policies and investments, it can become the next Korea. The two countries have a long history of friendly relations, and I am confident that this will continue to grow and deepen in the future. As the Chairman of the Board of Directors of the Korea – Uzbekistan Business Association, I will continue to do my best to promote economic cooperation and friendship between the two countries.