Uzbekistan and South Korea are giving their bilateral relationship a significant economic boost, with a pipeline of nearly $12bn (€10.4bn) in prospective projects. The two countries, already linked by a Special Strategic Partnership — Seoul's only one in Central Asia — are now deepening cooperation across critical minerals, advanced manufacturing, and infrastructure.
Uzbek President Shavkat Mirziyoyev is in Seoul ahead of Wednesday's first C5+Korea leaders' summit, where he is holding talks focused on investment, technology, and industrial cooperation. The visit has already produced a new $8bn (€6.9bn) cooperation programme with Korea Eximbank, alongside agreements covering critical minerals, AI in manufacturing, transport, and healthcare.
The economic agenda was matched by a political push during Mirziyoyev's summit with South Korean President Lee Jae Myung. Lee described Uzbekistan as a “precious friend and a key partner,” while Mirziyoyev stressed the resilience of the relationship. “Our bilateral ties do not falter with political changes,” he said, reaffirming Tashkent's support for Seoul's efforts to promote peace and stability on the Korean Peninsula.
The talks also touched on deeper military-technical cooperation, including training and closer contacts between defence institutions. On Tuesday, Mirziyoyev met Prime Minister Han Seong-sook to discuss trade, investment, the digital economy, and cybersecurity, as well as the processing of critical minerals using Korean technology and Uzbekistan's raw-material base.
Critical minerals take centre stage
Critical minerals are emerging as one of the clearest strategic areas of cooperation. Uzbekistan plans 120 projects worth more than $4bn (€3.5bn) in the sector over the coming years. But Tashkent's pitch is not simply about giving Korean companies access to new deposits. At a business forum, Mirziyoyev said the priority was not just to export raw materials, outlining plans to build full production chains inside Uzbekistan, from deep processing to finished high-tech products.
South Korea has its own strategic interest: its automotive, electronics, and battery industries depend on secure supplies of critical materials. The two countries plan to expand cooperation through the existing Korea-Uzbekistan Rare Metals Center, a joint project developing technology for refining and processing high-purity metals. Seoul says cooperation will cover the full chain from exploration and development to processing.
A joint fund for strategic critical-mineral projects has also been launched, and the two sides are considering a centre to develop and test semiconductors and new materials. For Uzbekistan, the aim is to keep more of the value generated from its resources at home. For South Korea, the partnership offers another route to diversify critical-mineral supply chains.
Korean finance targets strategic sectors
Mirziyoyev also met Korea Eximbank chairman Hwang Ki-yeon, with financing for critical minerals, digital technologies, transport, and healthcare among the projects discussed. Under a financing framework agreed with Uzbekistan's investment ministry, Korea Eximbank will help identify prospective projects and assess financing options in six priority areas, including critical minerals, AI and data centres, smart cities, an industrial zone for Korean companies, pharmaceuticals, and biotechnology.
The mechanism is intended to help move projects from the planning stage towards financing and implementation. This aligns with Uzbekistan's broader ambition to modernise its economy and attract foreign investment.
From assembly to local production
Mirziyoyev used a series of meetings with senior Korean executives to push for more production to move inside Uzbekistan. He met Kim Seong, Hyundai Motor Group's president for strategy, and Kia Motors senior vice-president Cho Sang-woon to discuss expanding the automotive cluster in Jizzakh, increasing local production of components, introducing new Kia models, and exploring the assembly of electric and hybrid vehicles.
He described the broader objective at the business forum as a shift from assembly operations towards full-cycle industrial clusters. Korean companies were also invited into copper processing, electrical equipment, robotics, automation, battery storage, and grid modernisation. Uzbekistan wants its electrical engineering industry to reach $11bn by 2030, with exports reaching $5bn.
Trains and airports
Transport infrastructure was another focus of Mirziyoyev's meetings with Korean companies. He met Hyundai Rotem chairman Lee Yong-bae to discuss further rail cooperation, including a service centre in Uzbekistan, localisation of railway components, and production of magnets for electric motors. The two governments signed a memorandum for a South Korean-funded feasibility study on the possible acquisition of up to eight additional high-speed trainsets.
Possible Korean participation in a new Tashkent-Samarkand railway is also under discussion. In aviation, Mirziyoyev met representatives of Incheon International Airport Corporation, which is involved in plans to modernise Urgench airport and develop a new international terminal.
The deepening ties between Seoul and Tashkent are part of a broader trend of Central Asia forging closer partnerships with South Korea, particularly in minerals and supply chains. For Uzbekistan, the goal is to leverage Korean capital and technology to move up the value chain. For South Korea, the relationship offers a reliable partner in a resource-rich region, diversifying sources of critical materials and expanding its economic footprint in Central Asia.
