President Yoon Suk Yeol, center, and first lady Kim Keon Hee, left, applaud while participating in a dinner meeting with compatriots at a hotel in Tashkent, Uzbekistan, Thursday. Joint Press Corps-Yonhap

Korea and Uzbekistan agreed to enhance their partnerships in mineral supply chains and cutting-edge technology, they said on the sidelines of their bilateral business forum on Friday.

The forum — hosted by the Korea Chamber of Commerce and Industry (KCCI) — was aimed at strengthening their overall business exchanges. President Yoon Suk Yeol and a group of business moguls from both sides attended the event to seek fresh business opportunities.

Uzbekistan is emerging as a key strategic partner for Korea. A number of Korean companies are already doing business there in areas such as automobiles, energy, infrastructure and logistics. The Central Asian nation boasts an annual GDP growth rate of more than five percent and is famous for its substantial resource deposits.

From Korea, key participants included KCCI Chairman Chey Tae-won, Lotte Group Chairman Shin Dong-bin and POSCO Group Chairman Chang In-hwa. A group of 300 Uzbekistan government officials and businesspeople also displayed a keen interest in leveling up their partnership with Korea during the forum, according to the KCCI.

They engaged in in-depth discussions on how to expand their practical partnerships in the mineral supply chain, state-of-the-art technologies and energy and infrastructure, the Korean business lobby said.

Since 2005, both countries have engaged in a joint mineral exploration project there. The strategic partnership will help Korea stabilize its mineral supply chain. Uzbekistan will also be able to receive technological support from Korea to mine more minerals.

"It is important for us to forge ties with trustworthy partners at this period of economic uncertainty," Park Il-jun, executive vice chairman at the KCCI, said during the forum. "The Uzbekistan government has a strong willingness to support the growth of high-tech industries and is friendly to foreign investment companies. This will bring big opportunities for Korean firms."

"The government of Uzbekistan is also paying sharp attention to new renewable energy, electric vehicles and smart farms, so the country will be a promising market for any Korean players in the industries."

The forum also generated tangible outcomes from private business sectors. Samsung C&T agreed to deepen ties for a construction project from Uzbekistan's state-run hydroelectric power firm.