mosf.go.kr  

 

December 18, 2013

 

Introduction

The 2nd Korea-Uzbekistan Finance Ministers' Meeting was held in Seoul on December 18. 

Last year, the 1st Korea-Uzbekistan Finance Ministers' Meeting was held to celebrate the 20th anniversary of the establishment of diplomatic ties between the two countries and to create a high-level channel for economic cooperation. This year's meeting sought to maintain the cooperative momentum that grew out of the first meeting.

The meeting aimed to strengthen Korea's bonds with Uzbekistan, which the Park administration sees as key partner for the 'Eurasia Initiative.' The meeting focused on discussions regarding increasing the number of Korean firms entering Commonwealth of Independent States (CIS) markets, which have high growth potential, and cooperating through both the Economic Development Cooperation Fund (EDCF) and Korea's Knowledge Sharing Program (KSP).

 

Major Outcomes

1. The Eurasia Initiative

The Eurasia Initiative seeks to strengthen distribution and transportation networks in Uzbekistan and other Central Asian countries. Korean firms will be able to enter the Uzbekistan market by participating in a plan to develop transportation and communication infrastructure over 5 years.

Cooperation will be strengthened between the two countries by emphasizing creativity and convergence, which are crucial to creating new value-added jobs. Both countries agreed to promote technological cooperation and human resources exchange between small and medium-sized Korean and Uzbekistani enterprises, and to strengthen cooperation in convergence industries.

 

2. Win-Win Bilateral Economic Cooperation on Expanding Korean Firms' Market Presence in Uzbekistan

Both countries agreed to cooperate in order to ensure that Uzbekistani projects that are being worked on by Korean firms, such as the construction of a chemical plant in Surgil and the development of the Surgil gas fields, are completed in a timely manner.

Korea and Uzbekistan will construct a joint task force in order to promote the development of solar power resources in Uzbekistan, and Korean firms will be able to get involved in solar power development projects in Uzbekistan.

 

3. Development Projects in Uzbekistan

Korea, through the EDCF, pledged US $100 million for Uzbekistan's National Children's Hospital and US $14 million for a national electronic library. Korea will work as quickly as possible to sign a new EDCF framework arrangement (2014-2017, worth US $250 million).

Uzbekistan voiced its appreciation for Korea's Knowledge Sharing Program, and Korea agreed to share its knowledge in a number of areas, including financial policy, information and communications technology, and infrastructure.

trend.az  

 

December 18, 2013

 

Uzbek Foreign Minister Abdulaziz Kamilov and Kyrgyz Ambassador Emilbek Uzakbayev discussed the topical issues of bilateral relations in various spheres and also exchanged views on the schedule of the upcoming bilateral contacts, the Uzbek Foreign Ministry said.

Earlier, Kyrgyz Foreign Ministry said there are plans to hold consultations between the foreign ministries of Kyrgyzstan and Uzbekistan on Dec.24-25 in Tashkent. The consultations will touch political and consulate issues in accordance with the agreements reached in late November during the bilateral meeting between Prime Ministers Shavkat Mirziyayev and Jantoro Satybaldiev in Tashkent.

Consultations will include discussions on topical issues, prospects of Kyrgyz-Uzbek cooperation in bilateral and multilateral formats, as well as interactions between foreign ministries.

trend.az  

 

December 18, 2013

 

The Uzbekneftegaz national holding company will implement a project for the utilisation of associated petroleum gas (APG) at fields in Kashkadarya province (South Uzbekistan) at a cost of $190 million by late 2015, according to a government approved investment programme for 2014.

The project will be implemented at the North Shurtan, Garmiston, Kumchi and Shakarbulak fields to a total capacity of 1.1 billion cubic meters of gas per year, according to the programme.

Within the project there are plans to build two compressor stations (BCS) and an APG collection system at these fields which will reduce the amount of flared gas by 505 million cubic meters annually.

The project will be financed using Uzbekneftegaz own funds.

Currently over 1.5 billion cubic meters of associated gas is flared in Uzbekistan per year, while gas production in this country amounts to 60 billion cubic meters, according to Uzbekneftegaz Holding. It was possible to decrease the volume of the flared APG by 3.5 billion cubic meters in the past four years.

Uzbekneftegaz plans to bring the level of associated gas utilisation to 95 per cent by late 2015 compared to 40 per cent currently.

en.trend.az  

 

December 19, 2013

 

The leadership of Uzbekistan's Foreign Ministry and Ukraine's ambassador Yuriy Savchenko have discussed the issues of bilateral relations and the results of the interaction between the two countries in the past year, Uzbek Foreign Ministry said on Dec.19.

The parties exchanged views on prospective directions of development of Uzbek-Ukrainian cooperation in 2014 in political, trade, economic, cultural and humanitarian spheres.

Ukraine is one of the most important trading partners of Uzbekistan, ranking third among the CIS countries and the seventh amongst the global partners of Uzbekistan for trade volume.

Uzbekistan and Ukraine have repeatedly confirmed their interest in the development of political dialogue, first of all at a high level and also the intensification of economic interactions between the two countries, as well as the maximal filling of Ukrainian-Uzbek relations with prospective joint projects.

The foreign ministries of Uzbekistan and Ukraine signed an inter-agency cooperation programme in October 2013 for 2014-2015, the Uzbek Foreign Ministry said.

Currently relations between the countries are based on a solid legal framework which is creating favourable conditions for cooperation on all spectrums of mutually beneficial directions.

The Ukraine is one of the most important trading partners of Uzbekistan. Bilateral trade between the two countries increased 56.6 per cent by late 2012 amounting to $1.078 billion, according to Uzbekistan official statistics.

About 50 enterprises with participation of Ukrainian capital operate in Uzbekistan. Moreover, the offices of 16 Ukrainian firms and companies have been accredited in the country.