Deputy Minister for Trade Jeong Dae-jin met with Uzbekistan’s Investment, Industry and Trade Deputy Minister Khamrayev Oybek Nematovich on September 12 at the Lotte Hotel Seoul, where they signed the Korea-Uzbekistan Trade and Investment Promotion Framework (TIPF) agreement, Korea’s seventh TIPF deal and a first with a Central Asian country.

The TIPF is a new cooperation framework on which MOTIE is placing emphasis lately, a mechanism that can expand mutual economic cooperation and build trust, while also encompassing emerging trade issues like supply chain, digital and bio.

As Uzbekistan is the world’s 12th and 7th largest reserve of molybdenum and tungsten, respectively, it is anticipated that the Korea-Uzbekistan TIPF will contribute to Korea’s future supply chain stabilization.