By Fakhri Vakilov-Trend:

Uzbekistan’s President Shavkat Mirziyoyev signed a decree approving an intergovernmental agreement with South Korea on the mutual promotion and protection of investments, Trend reports citing Uzbekistan’s information and legal portal “Norma”.

The document was signed by the heads of government of the two countries during the official visit of South Korean President Moon Jae-in to Uzbekistan on April 18–19, 2019.

Agreements of this kind provide comprehensive legal protection for the investments of the contracting countries, including a ban on their expropriation or nationalization, freedom to transfer payments, compensation for damage caused to investors and the procedure for resolving disputes between the state and the investor.

Uzbekistan has signed similar agreements with Russia, Tajikistan, Kazakhstan, China and a number of other states.

Uzbekistan’s Ministry of Foreign Affairs will send the Korean side an appropriate notification on the implementation of the domestic procedures necessary for the agreement to enter into force and the competent authority responsible for its implementation.

The Ministry of Investments and Foreign Trade of Uzbekistan is determined responsible for the implementation of this international treaty.

According to statistics, South Korea occupies a leading position among Uzbekistan’s trading partners in the Asia-Pacific region with a turnover of $2.1 billion by the end of 2018.

The volume of direct South Korean investments attracted to the Uzbek economy has exceeded $7 billion.