Korea and Uzbekistan are exploring ways to achieve tangible economic cooperation through local government collaboration, focusing on investment and job creation. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol emphasized the need for both countries to create "unmatched cooperation" that leverages regional strengths.
Koo made these remarks during the Korea-Uzbekistan Local Government Cooperation Forum held in Seoul on September 11. The forum was co-hosted by the Korea Association of Mayors and the Embassy of Uzbekistan in South Korea, with over 150 participants, including officials from both central and local governments, business leaders, and experts from academia and the private sector.
In attendance were Koo and Uzbekistan's Deputy Prime Minister Jamshid Khodjaev, along with representatives from local governments in Uzbekistan, including Fergana, Tashkent, and Namangan. Nine out of Uzbekistan's 14 regional administrative units participated in the forum.
In his speech, Koo noted the significance of discussing local government cooperation ahead of the Korea-Central Asia Summit, stating, "In a situation where balanced regional development is a survival strategy for our economy, this forum holds great meaning."
He described Korea and Uzbekistan as "the best partners to navigate the turbulent waters of the rapidly changing global economy," underscoring the importance of bilateral cooperation.
Koo specifically highlighted the need for local governments to create "unmatched cooperation" that capitalizes on regional strengths, suggesting that successful models driven by local initiatives could foster a virtuous cycle that enhances cooperation between the two countries.
He also proposed support measures to generate visible cooperation outcomes among local governments, stating, "We will actively support various policy financing, such as the Economic Development Cooperation Fund (EDCF), and address the challenges faced by businesses and local governments on the ground."
Koo expressed hope that the discussions would lead to tangible results in investment projects and job creation.
In his welcoming remarks, Deputy Prime Minister Khodjaev emphasized the need to expand cooperation in various fields, including resources, digital transformation, infrastructure, and tourism, to increase bilateral trade from $2 billion to $5 billion annually, stating, "A collaborative framework is essential for this."
The government plans to enhance mutually beneficial economic cooperation in promising areas such as supply chains, advanced industries, and infrastructure. It aims to closely communicate with local governments to ensure that the benefits of economic cooperation spread to all regions of both countries.
* This article has been translated by AI.
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