Korean Investment in Uzbekistan After the 2026 Summit: An Opportunity Map

Key takeaway

Uzbekistan stands out among the region’s countries because Korea has established not only a political framework there, but also a mechanism for selecting and financing projects: the Export-Import Bank of Korea and Uzbekistan’s Ministry of Investment have agreed to jointly identify and finance projects in six strategic sectors. For companies, this means that the question of “whether financing will be available” has largely been addressed, while the key question becomes “who will be first to bring a ready project”.

Three arguments support this conclusion:

1. A financing channel is in place. The Export-Import Bank of Korea agreement covers critical minerals, AI and data centers, smart cities, an industrial park for Korean companies, pharmaceuticals and biotechnology, and the food, beauty and cultural industries.
2. An established presence exists. According to President Mirziyoyev, more than 700 Korean companies operate in the country through joint ventures, while the Korean diaspora numbers approximately 200 thousand people. Korean investment in the country has exceeded $8 billion, trade approached $2 billion in 2025, and the two sides intend to double it to $4 billion.
3. Projects are already at the feasibility study stage. With funding from Korea’s Economic Development Cooperation Fund (EDCF), a feasibility study has begun for the supply of 8 high-speed trainsets (56 carriages) and the establishment of a national genomics center and biobank.

What Korea and Uzbekistan signed

During Shavkat Mirziyoyev’s state visit to Seoul on 14 September 2026, the two sides signed 13 agreements and memoranda. The most relevant for businesses are listed below.

Korea will also begin providing advice on establishing a national semiconductor and electronics R&D center in Uzbekistan.

Hibiscus Opportunity Score

We see the greatest potential for new entrants in critical minerals processing and the industrial park for Korean companies. High-speed rail and defense receive strong support, but the window for entry is already narrow.

Attractiveness is the average of political support, scale and IFI mandate; entry accessibility is the average of readiness and the openness of the entry window.

Rationale for the scores:

• Minerals and processing (4,2): presidential-level support and direct alignment with IFI mandates; readiness is low, as projects have not yet completed feasibility studies.
• Industrial park (3,8): included in the Export-Import Bank of Korea financing mechanism; tenants have not been determined, leaving the entry window fully open.
• Pharmaceuticals and biotech (3,6): the genomics center is already at the feasibility study stage with EDCF funding, and the Tashkent pharmaceutical cluster provides an established site.
• High-speed rail (3,4): the project is more advanced than the others, but the supplier has effectively been determined (Hyundai Rotem), leaving a narrow window for new entrants.
• AI and data centers (3,2): included among the six sectors of the Export-Import Bank mechanism, but specific projects have not yet been named.
• Defense (2,8): a contract with Korea Aerospace Industries has been signed, while IFIs do not finance such projects.

The scores on a 1–5 scale represent Hibiscus Partners’ expert opinion based on publicly available information, not investment advice.

What this means for each side

For Korean companies. Uzbekistan is becoming the region’s most “prepared” market: a financing mechanism through the Export-Import Bank has already been agreed, while the industrial park reduces entry costs. Mid-sized companies, not only large conglomerates, should consider the joint venture model with a local partner: 725 companies with Korean capital already operate this way.

For the government of Uzbekistan. Six strategic sectors now have a Korean technology partner and a source of financing. The task is to rapidly prepare a pipeline of projects with feasibility studies so that the Korean side can select the first transactions before the end of 2027.

For international financial institutions. Minerals processing and pharmaceuticals combine domestic value addition, job creation and technology transfer, aligning directly with EBRD and ADB priorities. Korean export financing can complement long-term IFI debt in a blended structure.

Our recommendations

1. Act within the next 6–12 months. The first projects selected by the Export-Import Bank and the Ministry of Investment under the new mechanism will set the template for the rest. Latecomers will compete for what remains.
2. Start with processing, not extraction. Processing projects address the objectives of all three sides and are more likely to pass IFI appraisal.
3. Build a consortium early. A Korean technology partner, a local co-investor and preliminary agreement from a development bank improve a project’s prospects even before an application is submitted.

Hibiscus Partners helps companies move from concept to financing along the Korea–Central Asia corridor. Discuss a project →

Read also: Kazakhstan × Korea after the summit · Central Asia’s critical minerals and Korea

Frequently asked questions

How many Korean companies operate in Uzbekistan? As of August 2026, 725 companies with Korean capital operate in the country, and Korean investment has exceeded $8 billion.

What is the trade volume between Korea and Uzbekistan? In 2025, it approached $2 billion; in the first half of 2026, it reached $971 million (growth of 22.4%). The two sides aim to increase it to $4 billion annually.

Which projects can the Export-Import Bank of Korea finance in Uzbekistan? Under the September 2026 agreement, projects in six sectors: critical minerals, AI and data centers, smart cities, an industrial park for Korean companies, pharmaceuticals and biotechnology, and the food, beauty and cultural industries.

How can a Korean company enter the Uzbek market? The most common model is a joint venture with a local partner. An industrial park for Korean companies and a financing mechanism through the Export-Import Bank of Korea provide new opportunities.

Prepared using publicly available sources, October 2026.