Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced plans to apply the 'K-AI package,' which integrates artificial intelligence (AI) solutions, to Uzbekistan's Economic Development Cooperation Fund (EDCF) projects.
Koo made the announcement during a meeting on August 11 in Seoul with Uzbekistan's Deputy Prime Minister Jamshid Khodjaev, where they discussed expanding economic cooperation in areas such as critical mineral supply chains, AI, and renewable energy.
Khodjaev visited South Korea to solidify cooperation projects ahead of the first Korea-Central Asia Summit scheduled for September. He was accompanied by the governor of Navoi Province and eight deputy ministers from various Uzbek ministries, including investment, industry, economy, digital affairs, transport, and minerals.
This meeting marked the third encounter between Koo and Khodjaev, following the Korea-Uzbekistan Economic Vice Ministers' Meeting in December and a meeting with the Uzbek President in May.
The two sides agreed to detail cooperation across the entire supply chain of critical minerals, from exploration to processing and utilization. They also discussed broadening collaboration to include AI data centers, renewable energy, biotechnology, and advanced infrastructure.
Koo stated, “In the face of global environmental uncertainties and the reorganization of supply chains driven by AI innovation, Uzbekistan is an important strategic economic partner for South Korea. Let’s leverage our strengths and potential to establish key cooperation projects that benefit both countries.”
He emphasized the need to create visible outcomes that both nations can feel, including the application of the K-AI package, which supports AI solutions and data centers alongside renewable energy facilities in infrastructure built through EDCF.
Khodjaev expressed his intention to enhance communication between the South Korean government and businesses, ensuring smooth investment and operations for collaborative projects involving South Korean companies.
The two deputy prime ministers agreed to utilize hotlines to expedite key projects ahead of the Korea-Central Asia Summit in September. They will also discuss improving investment conditions and providing incentives to expand local investments by South Korean companies.
Bilateral trade between South Korea and Uzbekistan rose from $1.736 billion in 2024 to $1.809 billion last year. In the first half of this year, trade reached $971 million, a 22.4% increase compared to the same period last year.
Prior to their meeting, a Korea-Uzbekistan business roundtable was held, attended by government officials and representatives from over 30 companies. The government plans to explore using policy financing, such as EDCF and export financing, for cooperation projects that are economically viable and beneficial to both countries.
* This article has been translated by AI.
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