The 4th Korea-Uzbekistan High Level Meeting on Economic Cooperation was held at The Westin Josun Seoul on November 26. It started 18 years ago in Tashkent and this year marked the 4th meeting. 6 related departments joined the meeting from each side under leadership of Namki Hong on the Korean side and Sardor Umurzakov on the Uzbek side. They checked on economic cooperation between the two parties in depth alongside future direction of cooperation in development, health and science. Hong pointed out that next year marked the 30th anniversary of diplomatic ties and emphasized importance of working for the next 30 years. They also exchanged opinions on ICT, smart city, eHealth, cutting edge industrial parts manufacturing and supply chain. The Uzbek side asked participation of Korean companies in modernization of power plants, highways and PPP which are being processed in Uzbekistan. The two parties also have reached to an agreement on settling down the gas bill issue. The 5th meeting is to be held in Tashkent next year alongside various congratulatory events for the 30 year anniversary of the diplomatic ties. 

Hong visits KSM Metal

Economy and Finance Minister Namki Hong paid a visit to KSM Metal on November 24. KSM Metal produces rare earth elements. Hong was briefed about neodymium, one of the 20 management intensity items, and toured the manufacturing facilities and supply chain. South Korea has about 3,000 to 4,000 items that have high dependency on overseas and is monitoring about 1,000 to 2,000 items for smooth supply at the moment. The 20 most urgent items are being managed with particular attention alongside the plans for localizing the manufacturing. Hong then moved to the storage facilities of the Public Procurement Service nearby to check the stock of rare metals and nonferrous. 220,000 tons of 6 kinds of nonferrous (lasting 55.1 days), 2.3 tons of 6 kinds of rare metals (40.2 days) and 1.5 billion masks are being stored at the moment. Hong asked officials to play proactive role to secure and supply core and necessary items with his plan to increase the overall amount of the items lasting up to 180 days. <PowerKorea>

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