South Korea Recognizes And Celebrates Its Rapidly Growing Economic Relations With Uzbekistan
Diplomats of South Korea hosted a grand celebration on Aug. 31 at Seoul's Lotte Hotel in commemoration of the twenty fourth anniversary of Uzbekistan's declaration of independence from the Union of Soviet Specialist Republics, which also highlighted the growing relations between South Korea and Uzbekistan in the past years.
The Diplomat noted on Sept. 13 Uzbekistan President Islam Karimov's decision to choose South Korea as his first travel destination after his May 2015 reelection marked his country's dedication to South Korea as a major alliance. And with $1.9 billion worth of trading in 2014, Uzbekistan has surpassed Kazakhstan as South Korea's key trade partner in Central Asia.
On May 29, Asia News reported in their article South Korean President Park Guen Hye and Uzbek President Islam Karimov agreed to enhance economic relations between the two countries in various industries, including gas, oil, solar energy, petrochemicals and even in health care during a summit at The Blue Palace.
The leaders pledged to support both countries' business ventures, as well as to encourage the technological expertise of South Korea and to capitalize on Uzbekistan's rich natural resources. Uzbekistan also gave its support on South Korea against North Korea's nuclear threats.
The great support given by the two countries to one another may be explained by their economic interests in the manufacturing, energy and infrastructure departments. Both countries also have a significant normative and cultural synergy brought about by South Korea being impressed with Uzbekistan's economic supremacy and Uzbekistan's support for South Korea's vision of a nuclear-free country.
The strong partnership would greatly benefit South Korea, Asia's fourth-largest economy, to generate a new source for economic growth and help its goal of creating roads and railways between Asia and Europe to further enhance international trade.
