Uzbek leader proposes $20 billion Central Asia-South Korea trade target

Uzbekistan has proposed a series of initiatives aimed at deepening economic and industrial cooperation between Central Asia and South Korea, including a target of increasing bilateral trade to $20 billion by 2030.

President Shavkat Mirziyoyev put forward the proposals at the Central Asia–Republic of Korea summit, calling for the development of a conceptual framework titled “Central Asia–Korea: Partnership for Accelerated Development.”

Mirziyoyev also proposed establishing a Central Asia–Korea Industrial and Technology Park in Uzbekistan, as well as creating a Regional Investment Alliance for Critical Minerals. The alliance would seek to support the development of major processing clusters across the region.

He said the creation of a platform bringing together the region’s industry and trade ministers could help increase trade between Central Asian countries and South Korea to $20 billion by 2030.

Mirziyoyev additionally proposed launching a Central Asia–Korea Climate and Carbon Partnership as part of efforts to expand cooperation in climate-related areas.

By Tamilla Hasanova