South Korea and Uzbekistan have agreed to formalize cooperation across the entire critical minerals supply chain — from exploration through processing and end use.

The two countries are also pursuing a "K-AI Package" that would link AI solutions and data centers to EDCF-funded infrastructure projects in Uzbekistan.

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol shakes hands with Uzbek Deputy Prime Minister Jamshid Khodjaev for a photo before their meeting at Lotte Hotel in Jung-gu, Seoul, on Tuesday. [Ministry of Economy and Finance]
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol shakes hands with Uzbek Deputy Prime Minister Jamshid Khodjaev for a photo before their meeting at Lotte Hotel in Jung-gu, Seoul, on Tuesday. [Ministry of Economy and Finance]

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol met with Uzbekistan Deputy Prime Minister Jamshid Khodjaev in Seoul on Tuesday to discuss ways to expand bilateral economic cooperation, the Ministry of Economy and Finance said Wednesday.

The meeting was arranged to produce concrete cooperation outcomes ahead of the first Korea-Central Asia Summit, set to be held in South Korea in September.

Khodjaev traveled to Seoul with Navoiy Province Governor Normat Tursunov and eight vice ministers from relevant ministries, including the Ministry of Investment, Industry and Trade, the Ministry of Economy and Finance, the Ministry of Digital Technologies, the Ministry of Transportation and the Ministry of Mining and Geology. Tuesday's meeting was the third between the two deputy prime ministers, following a Korea-Uzbekistan deputy prime ministers' economic meeting in December last year and a summit call and deputy prime minister talks in May.

Both sides assessed that economic cooperation had been progressing, with trade volumes and the investment environment improving. Bilateral trade grew from $1.74 billion in 2024 to $1.81 billion last year. In the first half of this year, trade reached $971 million, up 22.4 percent from the same period a year earlier.

Koo described Uzbekistan as an important strategic economic partner for South Korea amid global economic uncertainty, AI-driven innovation and supply chain restructuring, and proposed pursuing priority cooperation projects that would benefit both countries.

The two sides agreed to formalize cooperation across the full critical minerals supply chain, from exploration through processing and utilization. For EDCF-funded infrastructure in Uzbekistan, they will pursue the K-AI Package — a framework linking sector-specific AI solutions, AI data centers and renewable energy generation facilities to those projects.

Koo also asked Khodjaev to focus on improving investment conditions and providing incentives so South Korean companies can find more business opportunities in Uzbekistan.

Khodjaev agreed on the need to expand economic cooperation centered on AI data centers and critical minerals, and said Uzbekistan would monitor the progress of cooperative projects involving South Korean companies to support smooth investment and operations.

The two sides agreed to use a hotline between the deputy prime ministers to accelerate key cooperation projects ahead of the September Korea-Central Asia Summit. They also committed to broadening cooperation into AI, supply chains, renewable energy, biotech and advanced infrastructure, and to working together to expand bilateral trade and achieve mutually beneficial economic development.

A Korea-Uzbekistan business roundtable held before the meeting drew eight Uzbek vice ministers and about 30 company representatives from both sides.

The Uzbek government introduced local investment opportunities and key development projects and heard from South Korean companies seeking to enter the market. The South Korean government said it would explore ways to support high-quality projects with sound economic viability and mutual benefit through policy financing instruments such as EDCF and export finance.


y2k@heraldcorp.com