Uzbekistan and South Korea have prepared a nearly US$12 billion project pipeline, creating new prospects for Uzbekistan’s market and opportunities for Uzbek, international and Georgian companies.

Uzbekistan and South Korea are taking their economic partnership to a new level. Following high-level talks held in Seoul in September 2026, the two countries prepared a pipeline of prospective projects worth nearly US$12 billion. They also adopted a separate US$8 billion Strategic Partnership Programme with the Export-Import Bank of Korea, Korea Eximbank.

The significance of these initiatives extends beyond the announced figures. If implemented, the projects could accelerate Uzbekistan’s industrial and technological development, increase demand for local suppliers and create new opportunities for Uzbek, South Korean and other international companies, including businesses from Georgia.

The Economic Foundation of the Partnership

During the talks in Seoul, President of Uzbekistan Shavkat Mirziyoyev and President of the Republic of Korea Lee Jae Myung discussed the next stage of the Special Strategic Partnership between the two countries.

According to official statements, accumulated South Korean investment in Uzbekistan has exceeded US$8 billion. More than 700 enterprises with Korean capital currently operate in the country.

Bilateral cooperation already covers manufacturing, healthcare, energy, information technology, agriculture, water management, infrastructure and education.

Five priority areas were identified for the next stage of economic cooperation:

Expanding bilateral trade
Increasing investment
Developing cooperation in critical minerals
Strengthening transport connectivity
Advancing infrastructure development

The two sides also highlighted digital technologies, cybersecurity, medicine, pharmaceuticals and advanced industrial solutions as important areas for future cooperation.

What This Could Mean for Uzbekistan’s Market

If the announced projects move into implementation, their impact could extend well beyond individual investments. They could contribute to the structural and technological development of Uzbekistan’s economy.

Expansion of Local Production

The entry of South Korean capital and technology could support the establishment of new enterprises, the modernisation of existing production facilities and the local manufacturing of products currently imported into Uzbekistan.

This could help Uzbekistan move from being primarily a supplier of raw materials towards producing higher-value goods.

Technological Development

Information technology, cybersecurity, digital healthcare and advanced industrial solutions are among the priority areas of cooperation.

Access to Korean technology and professional expertise could improve the productivity of local companies, raise production standards and create new opportunities for research and development.

New Supply Chains

Large investment and infrastructure projects generate demand for local and international suppliers.

This could support the development of new supply chains connecting manufacturers, technology companies, logistics operators, financial institutions, consultants and professional service providers.

Export Growth and a Stronger Regional Role

The expansion of local production and infrastructure could increase Uzbekistan’s export capacity and strengthen its position as a regional centre for manufacturing, logistics and investment in Central Asia.

Opportunities for Uzbek Companies

For Uzbek businesses, the new partnership offers more than access to investment. It also creates opportunities to gain technology, international expertise and access to new markets.

Local companies could:

Become suppliers or subcontractors for large projects
Establish joint ventures with South Korean partners
Introduce modern production technologies
Improve product quality and operational efficiency
Gain technical knowledge and professional expertise
Join international supply chains
Develop new products and services
Expand into export markets
Train employees according to international standards

The expansion could be particularly important for small and medium-sized enterprises. Large investment projects typically increase demand for logistics, equipment maintenance, recruitment, legal and tax advisory services, marketing, translation, real estate and other business services.

Opportunities for International Companies

The project pipeline is not relevant only to South Korean companies. Large investment projects often require specialised technology providers, contractors, consultants and suppliers from different countries.

International companies could have opportunities to:

Enter Uzbekistan’s growing market
Participate as contractors or subcontractors
Supply technology, industrial equipment and professional services
Establish joint ventures with local partners
Develop local production or distribution centres
Join regional supply chains
Use Uzbekistan as a platform for expansion into other Central Asian markets

Promising sectors may include:

Engineering and construction
Industrial equipment
Critical-mineral processing
Energy and energy efficiency
Transport and logistics
Digital technologies and cybersecurity
Healthcare and pharmaceuticals
Agricultural technology
Water management
Environmental and sustainability solutions
Project financing and insurance
Legal, tax and business advisory services

No official announcement has confirmed that all international companies will receive special incentives or direct access to Korea Eximbank financing. Participation will depend on the conditions of individual projects, procurement procedures, partnership structures and qualification requirements.

Opportunities for Georgian Companies

The development of Uzbekistan’s market could also create opportunities for Georgian businesses, particularly companies with regional experience, international networks and specialised professional expertise.

Transport and Logistics

The growth of Uzbekistan’s production and exports will increase demand for efficient transport routes.

Georgian companies could contribute to connecting Central Asia with the Caucasus and European markets through Georgia’s transit infrastructure, ports and the Middle Corridor.

Market Entry and Professional Services

Georgian consulting, legal, marketing and business development companies could support:

Uzbek companies planning to enter Georgia or European markets
South Korean companies seeking to expand their regional operations
Georgian companies preparing to establish a presence in Uzbekistan

Technology and Digital Services

Georgian technology companies could participate in projects related to software development, cybersecurity, financial technology, e-commerce, digital marketing and data management.

Education and Professional Training

Industrial and technological development will require qualified professionals. This could create opportunities for cooperation with Georgian universities, training centres and vocational education providers.

Tourism, Hospitality and Business Events

Stronger business links could increase the number of corporate visits, business delegations, forums and professional events. This may benefit Georgian companies working in tourism, event management and hospitality.

A Trilateral Partnership Model

A particularly promising model for Georgian companies could combine:

South Korean technology or financing + Uzbek market and production capacity + Georgian logistics, professional services or access to European markets.

Through this model, Georgia could play the role of a regional connector in the growing economic partnership between Uzbekistan and South Korea.

How Companies Can Prepare

Companies should begin preparing before the prospective projects develop into specific tenders and commercial opportunities.

Initial steps may include:

Monitoring priority sectors and upcoming projects
Identifying reliable local partners
Preparing a concise company profile and value proposition
Studying market regulations and the tax environment
Assessing compliance with international standards
Participating in business forums and sector-specific events
Building relationships with government agencies, chambers of commerce and business associations
Exploring trilateral partnership opportunities

Early market knowledge and established relationships could give companies a competitive advantage once the projects reach the procurement and implementation stages.

The Outlook

The nearly US$12 billion project pipeline indicates that Uzbekistan-South Korea cooperation is moving beyond individual trade transactions towards a more structured, long-term industrial and technological partnership.

If successfully implemented, the projects could result in new production facilities, modern technologies, improved infrastructure, stronger local suppliers and a more prominent regional role for Uzbekistan.

For Uzbek companies, this creates prospects for international partnerships, technology transfer and access to new markets. At the same time, the developing market could offer opportunities to international companies able to contribute technology, capital, equipment and professional expertise.

For Georgian businesses, the central opportunity lies in Georgia’s role as a regional connector. By combining expertise in logistics, technology, professional services and access to European markets, Georgian companies could become part of the growing economic partnership between Uzbekistan and South Korea.

Important Clarification

Official sources confirm a pipeline of prospective projects worth nearly US$12 billion and a separate US$8 billion Strategic Partnership Programme with Korea Eximbank. These figures should not automatically be combined and presented as a single US$20 billion package.

The complete list of projects, procurement procedures and participation criteria has not yet been published. Some of the business opportunities discussed in this article therefore represent an analysis based on officially announced priorities and the standard structure of international investment projects.

Sources

Photo credit: Press Service of the President of the Republic of Uzbekistan