MoU agreed in Uzbekistan for future trade, investment

In line with President Park Geun-hye’s visit to Central Asian countries as part of her “Eurasian Initiative,” the Korea Trade Insurance Corporation yesterday announced it has signed a memorandum of understanding with the Uzbekinvest National Export-Import Insurance Company to begin co-financing future trade and investment projects between Korea and Uzbekistan.

Kim Young-hak, president of the state-run Korean company, and Fakhritdin Saidakhmedov, director general of its Uzbek counterpart, held a signing ceremony at the company’s headquarters in Tashkent, the country’s capital, Tuesday local time.

The two sides agreed to exempt parts of business contract evaluation procedures when giving loans for large projects led by a consortium of Korean and Uzbek builders in nearby Central Asian countries.