Uzbekistan is looking to position itself as a strategic partner for South Korea in advanced industries ranging from critical minerals and semiconductors to green energy and pharmaceuticals, according to Laziz Kudratov, the country’s minister of investment, industry and trade.
The Central Asian nation, rich in minerals such as tungsten and molybdenum used in semiconductors and secondary batteries, is emerging as a valuable collaborator for Korea’s high-tech sectors.
«We are focusing first and foremost on critical minerals,» Kudratov told The Korea Herald.
Strengthening Supply Chains
In 2024, the two countries agreed to boost supply chain cooperation by combining Uzbekistan’s resource base with Korea’s technological expertise. The partnership covers the full cycle of exploration, mining and refining of key minerals including lithium, while giving Korean firms priority access to viable deposits.
Uzbekistan is also developing Central Asia’s first semiconductor cluster in Tashkent with Korean support, with the goal of creating a regional hub for advanced technology. Joint projects are under way in green hydrogen, ammonia and chemical technologies.
«Uzbekistan has signed agreements with Korea covering the full value chain from extraction to commercialisation, with the aim of becoming a reliable source for Korea’s advanced industries,» said Kudratov.
Expanding Investment and Innovation
Currently, 726 Korean companies are engaged in Uzbekistan, with collaboration spanning agriculture, textiles, rare metals and e-commerce. Projects such as a textile technopark and a rare metals centre highlight the growing scope of cooperation. In IT, incentives like tax exemptions until 2040 and simplified registration procedures are attracting Korean firms through the Uzbek-Korean IT Business Alliance.
«The trade and investment relationship between Uzbekistan and the Republic of Korea is very strong and expanding … A Framework Program for Trade and Investment Facilitation was signed in September 2023,» Kudratov noted.
South Korea has invested more than $7.7 bn in Uzbekistan, covering sectors from energy and mining to health care and education. The Korea Eximbank supports a wide range of projects, while the ceiling of the Economic Development Cooperation Fund was doubled to $2 billion for 2024-2027.
These funds will back initiatives such as the second phase of a pharmaceutical cluster at Tashkent Pharmaceutical University, alongside a national surgical clinic, an oncology clinic and the Tashkent Pharma Park — all aligned with Uzbekistan’s 2030 development strategy.
