As Spot previously reported, Shavkat Mirziyoyev met with the heads of Incheon International Airport Corporation and KIND to discuss the construction of a new airport in Tashkent and other projects.
During his visit to South Korea, the Uzbek president also held talks with Jin Ok-don, chairman of Shinhan Financial Group. The main focus of the meeting was expanding financial cooperation with the group.
The parties discussed the implementation of investment projects in industry, infrastructure and renewable energy. They also reviewed an agreement on credit lines for Uzbek banks and work to establish a subsidiary of Shinhan Bank in Uzbekistan.
The parties expressed interest in attracting new financing instruments and “green” loans. They also discussed the development of digital banking and the introduction of solutions for small and medium-sized businesses.
In February 2025, the Central Bank and Shinhan Bank discussed the privatization of state-owned banks. Representatives of the South Korean bank “shared plans to expand and strengthen its position in Uzbekistan’s banking market in the near future.”
South Korean media reported in April that Shinhan Bank planned to establish a subsidiary in Uzbekistan. According to Pulse, the bank planned to submit an application to local financial authorities by the end of the first half of the year and open the new unit in 2027.
According to the Central Bank’s registry, eight foreign banks currently have representative offices in Uzbekistan. Two of them belong to South Korean banks — Korea Eximbank and Shinhan Bank — while two others are German banks, Landesbank Baden-Württemberg and Commerzbank AG. The remaining offices belong to banks from the United States (JPMorgan Chase), Russia (Gazprombank), China (China Eximbank) and Türkiye (Citibank AS).
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
