– The meetings and business talks held by President Shavkat Mirziyoyev during his state visit to the Republic of Korea demonstrated that economic cooperation has reached a new level.

Cooperation with Korea is no longer limited to attracting investment or implementing individual projects. Uzbekistan is developing a model of systemic partnership to integrate technology, finance, science, human capital, and production into a unified economic chain.

In particular, the focus on industrial cooperation and the creation of complete production chains, deep processing of copper, localization of components for the electrical engineering and automotive industries, and the development of high-value-added sectors such as robotics, biotechnology, and pharmaceuticals are especially important. At the same time, Uzbekistan’s long-term competitiveness will be determined not by raw-material exports, but by domestic processing and the creation of high-value-added chains based on technology and knowledge.

From this perspective, the initiative to establish the Uzbekistan – Korea Industrial and Technological Alliance is particularly significant. It will help link investment to technological transformation, localization, the production of export-oriented goods, and job creation.

Projects to modernize Urgench International Airport and to construct a new Tashkent International Airport will help strengthen Uzbekistan’s position in the regional transport and logistics system, enhance its investment attractiveness, and facilitate the development of new economic zones.

The idea of developing a master plan to integrate the airport, logistics hubs, and residential infrastructure into a single system also merits attention. This approach aims to create not isolated facilities but an interconnected and integrated economic ecosystem.

A natural extension of this strategy is creating a research and production biocluster that unites science, industry, and technology. In today’s global economy, the significance of investment is measured not just by its size, but also by the knowledge, technologies, and skills it brings to the country.

During discussions between the Head of State and Shinhan Financial Group leaders, key issues included expanding credit lines, green financing, digital banking, and financial solutions for SMEs. Investment alone is not enough to develop the real economy sector. Modern, long-term financial tools are also essential. Opening a Shinhan Bank branch in Uzbekistan offers opportunities to boost market competition and access advanced banking technologies.

The tangible results of investment agreements should include job creation, local enterprise involvement in industrial cooperation, technology transfer, higher exports, and regional growth. In this regard, cooperation between Uzbekistan and Korea is moving beyond a simple “investor – investment recipient” dynamic toward a strategic partnership focused on technology development, building production chains, developing human capital, and jointly entering new markets.

The harmonious combination of Korea’s technological expertise and Uzbekistan’s human capital, resources, and market potential provides a solid foundation for this process.

The agreements and initiatives reached demonstrate that Uzbekistan’s foreign economic policy is increasingly shifting its focus from simply attracting investment to promoting technological and innovative development.

While annual foreign investment inflows used to be $2-3 billion, now reaching $40-50 billion shows the extent of the economic transformation and increasing investor confidence.

In this context, the Republic of Korea’s growing strategic and investment interest in Uzbekistan stems from the complementary nature of the two economies, the potential for technological cooperation, and expanding areas of shared interest in industrial cooperation, digitalization, innovation, education, and human capital development.

Cooperation should be evaluated not just by the amount of foreign investment, but also by its long-term effects, including technology transfer, local production development, increased export capacity, the creation of specialized employment opportunities, and the integration of Uzbekistan’s economy into global value chains.

Interviewed by Norgul Abduraimova, UzA