BAKU, Azerbaijan, October 26. Uzbekistan and South Korea’s state-backed Korea Overseas Infrastructure & Urban Development Corporation (KIND) have agreed to accelerate efforts to establish a joint investment company to finance infrastructure projects, including airport modernization, smart city development and road construction at a meeting on October 21 in Tashkent.
This was reflected in the statement by the Uzbekistan’s Ministry of Investment, Industry and Trade, following a meeting between Deputy Minister of Investment, Industry and Trade Ibrokhim Ergashev and a delegation from Korea Overseas Infrastructure & Urban Development Corporation (KIND).
The parties explored investment attraction mechanisms, opportunities to expand financial cooperation and priority areas for joint initiatives.
Following the meeting, the sides agreed to step up work on establishing the joint investment company, explore financing options for prospective projects and continue negotiations on their practical implementation.
Established by the South Korean government in 2018, KIND supports the development, financing and investment of overseas infrastructure and urban development projects. The corporation works with Korean companies and international partners on public-private partnerships (PPPs), providing support ranging from project planning and feasibility studies to investment and financing arrangements. Its areas of activity include transportation infrastructure, urban development, industrial facilities and renewable energy.
KIND is already involved in Uzbekistan’s infrastructure development. Its cooperation with the country includes the modernization and management of Urgench International Airport under a public-private partnership project valued at $223 million. The corporation is also working on development plans for a new international airport in Tashkent and a proposed pharmaceutical and biotechnology industrial complex known as the Tashkent Smart Bio-Cluster.
The proposed joint investment company could provide a framework for identifying and financing additional projects, strengthening infrastructure cooperation between Uzbekistan and South Korea and expanding opportunities for Korean companies to participate in Uzbekistan’s development.
