South Korea - The Times Of Central Asia

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South Korea to Help Build Dry Ports in Uzbekistan’s Syrdarya and Jizzakh Regions

The Ministry of Transport of Uzbekistan announced on October 2 that it had signed a Framework Agreement with the Port Investment Department of the Ministry of Oceans and Fisheries of South Korea to jointly develop a feasibility study for the construction of dry ports and terminals in Uzbekistan’s Syrdarya and Jizzakh regions. According to the Uzbek ministry, the project will help improve the country's transport and logistics infrastructure. Creating inland terminals will be an important step towards increasing Uzbekistan's logistics independence and strengthening its role as the main logistics hub in Central Asia. The project is expected to significantly improve the country’s transport infrastructure and attract new investments to the Syrdarya and Jizzakh regions, supporting the goals of the "Development Strategy of New Uzbekistan for 2022-2026." The project is scheduled for completion in September 2025. As one of only two double-landlocked countries in the world (the other being Liechtenstein), Uzbekistan has to ship its exports over long distances through other landlocked countries — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Afghanistan. In recent years, the government of Uzbekistan has made substantial progress in improving existing international transport corridors running through the country and in developing new corridors that will allow Uzbekistan to access the markets of the Eurasian Economic Union and European countries, Iran, Turkey, Afghanistan, Pakistan, India, and China.

Civil Aviation South Korea Air Transport Bilateral Cooperation international tourism

Uzbekistan and South Korea Increase Flights Between Countries

During talks in Seoul this week, Uzbekistan’s Ministry of Transport and South Korea’s civil aviation authority reached agreements to increase the number of regular flights between Uzbekistan and South Korea from the current 10 to 24 per week for airlines of each country, raising the total weekly number of flights to 48. According to the Uzbek ministry, airlines of both countries will operate up to 12 weekly flights between Tashkent and Seoul and up to four flights from South Korea’s regions to Tashkent. Up to four flights per week will be performed from Uzbekistan’s regions to Seoul, and there will be up to four weekly flights between Uzbekistan's regions and other South Korean cities. An agreement was also reached on the bilateral use of the Open Skies regime at the international airport of Jeju, the second-largest airport in South Korea, and Uzbekistan’s Samarkand airport for airlines of both countries. From the Uzbek side, flights between the two countries will be operated by the national air carrier, Uzbekistan Airways, and new airlines created by Uzbekistan — Qanot Sharq, My Freighter, and Air Samarkand. According to the Uzbek ministry, these agreements will help develop trade and economic relations between the two countries, increase bilateral passenger and cargo turnover, and attract Korean tourists to the historical cities of Uzbekistan. The Times of Central Asia earlier reported that South Korea is one of the most popular destinations for Uzbeks, both for work and studies. The Uzbeks occupy fifth place by size of the foreign diaspora in the country and number more than 69,000. In recent years, the government of Uzbekistan has established regulations for legal and safe labor migration to South Korea. At the start of 2024, the government announced its intention to attract 100,000 Uzbeks to work in South Korea.

Finance Banking payment system South Korea

South Korea Helps Launch A New Payment System in Kyrgyzstan

On August 27, a Kyrgyz-Korean joint company, BC Card Kyrgyzstan, officially opened as a partnership between the leading South Korean companies BC Card and Smartro and the Interbank Processing Center of Kyrgyzstan. The chairman of Kyrgyzstan's Cabinet of Ministers, Akylbek Japarov, attended the opening ceremony and made the first payment in the BC Card Kyrgyzstan system. In his speech, Japarov emphasized the importance of this event for further developing the country's financial infrastructure. "The company was created to modernize and adapt the advanced payment processing system developed by BC Card Korea to the conditions of the financial market of Kyrgyzstan. The company's main objective is to ensure optimal processing of domestic payments using cards of international payment systems and managing the business of POS terminals and payment services within Kyrgyzstan," he said. The head of the Cabinet of Ministers added that in recent years, the government has consistently supported the development of non-cash payments in Kyrgyzstan. "The development of non-cash payments is not only a step towards modernizing our economy, but also towards strengthening financial security and increasing financial inclusion," Japarov stated.

Transport South Korea

Uzbekistan Purchases High-Speed Electric Trains

As reported by the press service of Uzbekistan Railways, during the visit of the South Korean president to Uzbekistan, Uzbekistan Railways and Hyundai Rotem held a bilateral meeting on the initiative of a presidential decree on railway reforms. In line with these reforms, a project to purchase six high-speed passenger electric trains was launched, supported by the Korea Economic Cooperation Development Fund, Uzbekistan Railways, Temiryo'lekspress, and Hyundai Rotem. An agreement was signed for the supply and maintenance of these electric trains. During the meeting, it was announced that Hyundai Rotem’s electric train would be named “Jalaluddin Manguberdi” and operate on the Tashkent-Urganch-Khiva route. The meeting concluded with the signing of a tripartite memorandum between Uzbekistan Railways, Temiryo‘lekspress, and Hyundai Rotem.

Financial Market Banking Export/Import Economy South Korea

South Korean Corporation Bank to Open in Kazakhstan

Microfinance organization BNK Finance Kazakhstan, part of the Korean corporation BNK Financial Group Inc., has been granted permission to transform into a second-tier bank. The news was reported by the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market's press service (ARFM). BNK Financial Group Inc. is the largest South Korean financial group with assets of $129 billion and a national rating of "AAA." The group has two banks with over 300 branches and "A2" international ratings. In 2021, BNK MFI received a license to carry out microfinance activities. Since then, the company has significantly increased its performance and capabilities and now ranks 13th in terms of assets in Kazakhstan's microfinance organizations sector. The decision by the Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM) to issue a permit for BNK's voluntary reorganization into a second-tier bank was approved by a resolution on June 7. As noted by the press service, the appearance of a new foreign bank in Kazakhstan's financial market will strengthen competition in the banking sector and provide clients in Kazakhstan with financial services that adhere to international groups' advanced corporate standards. Earlier this month, during talks with the head of South Korea, Yoon Suk Yeol, Kazakhstan's president Kassym-Jomart Tokayev, cited Seoul as one of Astana's most important strategic partners in the Asia-Pacific region. Korea ranks fourth in foreign trade turnover and is among Kazakhstan's top ten largest foreign investors.

Export/Import Economy South Korea Mutual trade Economic Cooperation

Kazakhstan and South Korea: “A Golden Bridge of Friendship”

The President of Kazakhstan, Kassym-Jomart Tokayev, held talks with the President of South Korea, Yoon Suk Yeol. According to Tokayev, Seoul is one of Astana’s most important strategic partners in the Asia-Pacific region. Korea ranks fourth in foreign trade turnover, and is among Kazakhstan’s top ten largest foreign investors. South Korea has become a true economic and technological locomotive on a global scale, Tokayev stated. World-renowned Korean corporations seriously support promoting the country’s position in the international arena as a “key global state.” Kazakhstan and Korea have achieved a high level of political dialog, establishing fruitful economic cooperation and strong humanitarian ties. The two countries interact in various spheres, including inter-parliamentary, inter-governmental, and inter-departmental contacts. According to Tokayev, regular contact between businessmen of the two countries plays a very important role in building close ties. More than 700 companies with South Korean capital successfully operate in Kazakhstan. “The 120,000 ethnic Koreans in Kazakhstan fulfill an important role and make an invaluable contribution to strengthening our relations. In turn, more than a thousand Kazakh students studying in Korea are a ‘golden bridge of friendship’ between our countries,” Tokayev stated. During the talks, the presidents discussed prospects for bilateral cooperation in energy, infrastructure and industry, engineering, trade, transport and logistics, digitization and the aerospace industry, the financial sector, education, healthcare and pharmaceuticals, tourism and culture, ecology, and other fields.