The President of the Republic of Uzbekistan Islam Karimov arrived in the Republic of Korea with a visit on 24 February.

The following day the Uzbek leader attended a special ceremony of the official inauguration of the new President of the Republic of Korea Lee Myung-bak, UzA reported.

Mr. Lee Myung-bak of the Grand National Party won in the Presidential elections held in the Republic of Korea on 19 December 2007.

He is the first representative of business to be elected for the highest state post in South Korea. As a major of the capital of the country Seoul in 2002-2006 he led the implementation of great reforms, which earned him the respect and recognition of the nation.

The new President of the Republic of Korea supports the development of relations with foreign states. Korea's attitude towards Uzbekistan has been traditionally friendly. The Korean nation has never forgotten the hospitality given to its people during the years of the Second World War who by will of fate ended up in Uzbekistan.

President Karimov's participation in the ceremony illustrates stable development of relations between Uzbekistan and the Republic of Korea, as well as the mutually beneficial nature of bilateral cooperation and its high value to both parties.

The same day the Uzbek President received the President of Korean Air Company Mr. Jong Hee Lee in the residence provided to him in the Lotte Hotel.

The parties exchanged opinions on the issues concerning cooperation between Korean Air and Uzbekistan Airways National Company.

A Protocol of intentions was signed between the two companies. It is worth mentioning that Korean Air is among the first in the world in terms of air transportation of cargo. This document envisages joint development of new markets, the development of the logistics infrastructure of Uzbekistan, experience-sharing between the parties in the management of civil aviation, and cooperation in staff training. According to the Protocol on the offer of the South Korean party in 2008-2009 Uzbekistan will join the international Sky Team Alliance. This alliance uniting the largest airline companies controls 35% of the world market of passenger and cargo transportation. Cooperation with the alliance members will help Uzbekistan Airways further integrate in the international air transportation system, raise security standards, and ensure the regularity of flights.

The Uzbek leader also received the President of the Korean Gas Corporation (KOGAS) Mr. Lee Soo Ho.

During the state visit of President Karimov to Korea in March 2006 a memorandum of mutual understanding was signed between this corporation and UzbekNefteGaz (Uzbek Oil and Gas National Holding Company. The document envisages the organization of geological-research works, the development of fields and creation of joint enterprises to specialize in the production of PET and polypropylene on the field of Surgil (UstYurt Plateau). The total budget of this project comprises USD 1.84 billion.

Participating in the project along with KoGas are other South Korean oil companies, such as Lotte, LG International, SK Gaz, STX Energy. The managers of these companies also participated in the meeting in Seoul.

During the talk the parties discussed cooperation between the UzbekNefteGaz Company and Korean Gas Corporation, as well as the existing joint projects.

The founding agreement and the charter of the UzKorGasChemial Joint Venture were signed.

Also during the visit of the Uzbek President to Seoul, an Agreement on geological-exploratory works and development of the investment blocs of Kuskuduk and Ashibulok on the Ust Yurt Plateau was signed between the UzbekNefteGaz National Holding Company and Daewoo International Corporation. A trade agreement was also inked between the UzbekYengilSanoat (Uzbek Light Industry) Company and Daewoo International Corporation.

The President of Uzbekistan Islam Karimov continues his visit to the Republic of Korea.

UzReport.com