
S. Korea, Uzbekistan sign MOU on public procurement cooperation
The meeting between PPS Administrator Lim Ki-keun and Uzbekistan's Deputy Minister of Economy and Finance Gulnora Rakhimova took place in Tashkent last Friday, the PPS said.
Under the MOU signed by Lim and Rakhimova, the two organizations will cooperate to share public procurement system information, including electronic procurement, provide information necessary for establishing and improving the electronic procurement system, and stimulate corporate participation in the public procurement market, the PPS said.
Lim's visit to Uzbekistan came after he held bilateral talks with Rakhimova during the International Procurement Workshop jointly organized by the Asian Development Bank and the PPS in Seoul in September last year.
"Following an MOU signed last year with Kyrgyzstan, full-scale exports of the electronic procurement system are under way this year. The MOU with Uzbekistan will help further expand Korea's public procurement cooperation in Central Asia," Lim said. (Yonhap)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
4 days ago
- Korea Herald
South Korea races to avert 25% tariffs as Trump extends deadline
Analysts say US less likely to ease tariffs on cars, steel, stoking concerns for key Korean exports South Korea has until Aug. 1 to cut a deal with the US after President Donald Trump delayed crushing 25 percent tariffs on Korean imports, with Seoul vowing all-out efforts to negotiate its way out of looming duties. Trump on Monday posted a letter to South Korean President Lee Jae Myung on Truth Social, warning that the 25 percent 'reciprocal' tariffs will take effect next month unless South Korea eliminates its tariff and nontariff policies and trade barriers. Along with Korea, Trump disclosed that at least 14 other countries' imports are set to face similar tariffs starting in August. The last-minute extension, formalized in an executive order Trump signed later that day, gives Seoul temporary reprieve from the tariffs it had been bracing for, as Trump's original 90-day pause from April was set to expire Wednesday. Since then, Washington has imposed a universal 10 percent duty on Korean goods while engaging in trade talks. Later in the day, Trump appeared to leave the door open for a further delay. 'I would say firm, but not 100 percent,' Trump told reporters at the White House when asked whether the new August deadline was final. 'If they call up and they say we'd like to do something a different way, we're going to be open to that.' In response, South Korea's Industry Ministry said Tuesday that the letter effectively extended the grace period for imposing reciprocal tariffs and that it will accelerate negotiations to strike a 'mutually beneficial' deal. 'We will step up negotiations to reach a mutually beneficial result during the remaining time to swiftly resolve the uncertainty from tariffs,' the ministry said in a statement. 'We also plan to use this as an opportunity to improve domestic systems and regulations to resolve the US trade deficit, which is Washington's primary interest, and boost key industries through a bilateral manufacturing renaissance partnership.' The Ministry of Economy and Finance held an emergency meeting Tuesday morning to assess the impact of Washington's latest move. 'Given the possibility of increased volatility in domestic and global financial markets depending on how US tariffs will unfold, we will respond with heightened vigilance,' said acting Finance Minister Lee Hyoung-il at the meeting. 'Under close coordination with related agencies, we will closely monitor tariff developments and impact on financial and real economy. If the market shows excessive volatility that deviates from our economic fundamentals, we will act swiftly and decisively in accordance with our contingency plans.' The Industry Ministry was to hold an emergency meeting with industry officials and related government agencies in the afternoon. The meeting, chaired by First Vice Minister Moon Shin-hak, will gather government officials as well as representatives from key export sectors including automotives, steel, batteries and biotech. Companies including Hyundai Motor, Posco and LG Energy Solution were expected to participate. One initial concern was that Korean goods could get hit twice due to the existing sector-specific tariffs of 25 percent on cars and 50 percent on steel and aluminum that are already in place. However, the White House clarified that new reciprocal tariffs would not stack on top of sector-specific tariffs. Still, economic impact on those key export sectors appears inevitable. South Korean officials have been working to remove the sector-specific tariffs in their talks with the US side, but observers say Trump is unlikely to budge on automobiles and steel. 'By explicitly stating that Section 232 tariffs on steel and autos are separate, it appears less likely that the US will budge on the duties, making it harder for Korea to negotiate the relief,' said Jang Sang-sik, head of the Korea International Trade Association's International Trade and Commerce Research Center. Chang stressed that in order to produce a tangible outcome by end of July, Korea could benchmark the approach taken by Vietnam, which recently clinched a deal with the US to reduce the planned 46 percent rate to 20 percent. 'Korea needs to present a visible plan to reduce the trade surplus with the US, which could include expansion of government-led imports in defense and energy, as well as boosting imports in agricultural goods, consumer products and machinery.' Jang also stressed the need to review nontariff barriers, such as easing regulations on digital platforms, pharmaceuticals and the agricultural quarantine and certification process, which could offer US companies better access to the Korean market.


Korea Herald
01-07-2025
- Korea Herald
Central Asia, South Korea discuss renewable energy
South Korea and Central Asian countries discussed renewable energy at the 2025 Korea-Central Asia Next-Generation Dialogue on Monday. The annual forum, launched by the Korea Foundation in 2017, is part of an initiative to enhance cooperation by inviting emerging leaders from Central Asia to Korea. With the attendance of representatives from Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan, this year's dialogue focused on the current status and mid- to long-term development strategies for the renewable energy industry. In his opening remarks, Lee Jong-kook, the executive director of the Secretariat of Korea-Central Asia Cooperation Forum, highlighted the dialogue as a platform for East Asia and Central Asia to pursue a sustainable future. Lee noted that this is the third invitation-based training program in renewable energy since the forum partnered with the Korea Energy Agency in 2021. 'Experts from both regions will share insights on the latest policies and industry trends and engage in in-depth discussions on avenues for practical cooperation,' Lee added, saying he hopes that the dialogue leads to tangible and sustainable partnerships. He emphasized that this year's theme, 'Renewable Energy and Energy Efficiency,' is timely and crucial for tackling global challenges like climate change and fossil fuel depletion. Renewable energy's vast potential and decreasing costs make it central to global climate efforts. While Central Asian countries view Korea as a trusted solar partner, Korean companies remain hesitant to invest in Central Asia due to a lack of incentives and unclear market information. 'Since 2021, the center has trained 258 Uzbek energy professionals, with 100 more planned this year. These experts actively conduct energy audits and promote efficiency initiatives,' said Shin Boo-nam of the Korea Energy Agency. He highlighted the agency's role in energy efficiency and climate response, noting projects such as small hydropower studies in Kazakhstan and bio-pellet plants in Uzbekistan. Field visits to Korea Southern Power Co., Hyundai Energy Solutions and other renewable energy facilities promise to yield valuable insights for all participants, according to Shin. Central Asia is expanding its focus on nuclear energy, led by Kazakhstan and Uzbekistan, due to the region's vast uranium deposits, but Central Asia faces major infrastructure challenges, with $40–50 billion needed for modernization, according to experts. Korea is supporting the transition through a $3 million contribution to an ADB fund for sustainable project development. In view of Central Asia's growing population and rising energy demand, the Korea-Central Asia dialogue highlighted the urgency of regional cooperation on energy for a sustainable future. sanjaykumar@


Korea Herald
30-06-2025
- Korea Herald
Uzbekistan's platform startup Uzum looks to Coupang, Kakao as model
Uzum ecosystem a gateway for Uzbekistani market entry for Korean businesses, says co-founder Korea Herald correspondent TASHKENT, Uzbekistan — Korean companies can use the ecosystem of Uzum, Uzbekistan's only billion-dollar startup, to enter Central Asian markets, says Nikolay Seleznev, co-founder and strategic head of digital commerce at Uzum. Uzum is an integrated platform offering e-commerce, financial technology and banking services for individuals and small and midsized enterprises. Its services include a marketplace, express delivery, traditional and digital banking, buy-now-pay-later, a car purchase platform and an app for entrepreneurs. Known as Uzbekistan's only unicorn startup — valued at over $1 billion — it is spearheading the country's digital transformation by drawing inspiration from proven ecosystem models like Korea's Coupang and Kakao, while adapting to local needs. Seleznev said the business model itself may not be entirely new, but localization is key to Uzum's success. 'I draw a lot of inspiration from Korean companies like Coupang and Kakao. These are excellent ecosystem-based models,' Seleznev told The Korea Herald in an interview. 'Of course, we're not copying anyone 100 percent. You can't simply replicate a model from another country. You have to localize it,' he said. The company offers next-day delivery, an expanding food delivery service, a digital bank with millions of users and consumer credit products — targeting a market that had long lacked access to modern digital services, according to Seleznev. Describing Uzum's model as 'book-stick-monetize,' Seleznev said the platform serves as a retail backbone in a country of 40 million and a gateway for Korean companies — especially in cosmetics, fast-moving consumer goods and electronics — seeking market access. He noted existing partnerships with Korean brands and praised Korean culture after a recent visit. 'On the business side, Korean brands are already popular in our marketplace. But beyond products, I believe there is even greater potential in financial services,' he pointed out. 'We know of several prominent Korean financial institutions, and I believe our story in Uzbekistan may resonate with potential partners from Korea,' Seleznev said, highlighting opportunities for fintech collaboration. Uzum is the first company in Uzbekistan to be valued at over $1 billion. Founded about four years ago, the company invested in its own logistics infrastructure, warehouses and pickup points in a market that previously lacked such facilities. The mission is to serve the underbanked and underserved population across Uzbekistan, says Seleznev. 'In fintech and finance, you need money to make money. That's why we are actively seeking reputable, trusted partners to join us on this journey,' he said. The Uzum ecosystem is a gateway for Uzbek market entry for Korean businesses, said the co-founder. Seleznev said his key focus is shaping Uzum's long-term strategy, emphasizing its two-sided ecosystem that serves both consumers and SMEs. With over 16,000 merchants, 2,500 restaurants and thousands of retail outlets using its buy-now-pay-later services, Uzum aims to be a trusted, convenient gateway for doing business in Uzbekistan — though it is just getting started. 'Come and do business in Uzbekistan,' Seleznev said, inviting Korean companies. 'It's one of the few places in the world today that offers such tremendous opportunity.' Uzbekistan boasts a population of 40 million, with 60 percent under the age of 30. The country's gross domestic product is growing at a rate of 6.5 to 7 percent annually, inflation is under control and the national currency is appreciating against the US dollar. 'The market is ready, and the consumers are ready,' Seleznev affirmed. Uzum is supporting Uzbekistan's digital vision by training local information technology talent through initiatives like the Uzum Academy, with many graduates joining the company. sanjaykumar@