As is known, the agreement was signed between the central banks of the two countries on joint research within the framework of the Knowledge Partnership Program (KPP) of the Bank of Korea.

At the first stage of the program, the research seminar was held at the Central Bank with the participation of representatives of the Bank of Korea, Hongik and Dongguk Universities of Korea. This year's research is aimed at a comprehensive analysis of the dynamics of the balance of payments in Uzbekistan: the main determinants, risks and countermeasures to prevent them.

As part of the program, on August 6 of this year, the delegation consisting of representatives of the Central Bank, the Bank of Korea and the universities visited Almalyk Mining and Metallurgical Combine.

The guests first got acquainted with the activities of the "Metallurg" Palace of Culture and museums.

The guests' next destination was the “Qalmoqqir” and "Yoshlik-1" mines, where the production indicators of the mines and the technological process left a great impression.

On the same day, a meeting was organized between the management of AMMC and the guests, during which a number of issues were discussed.

In particular, the parties discussed issues such as the structure and trends of exports, the current share of mineral raw material exports in the total export volume, changes in export volumes and prices over the past 5-10 years, dependence on raw material prices and external influences, and the sensitivity of AMMC's revenues to changes in world prices for raw materials.

In addition, opinions were expressed on what mechanisms exist to reduce the volatility of export earnings, production and investment plans, the Combine’s plans for future expansion or modernization of production, and how foreign investment, joint ventures or technology transfer affect the export potential.

During the meeting, which was held in a friendly atmosphere, attention was also paid to the issues such as the relationship between AMMC exports and government revenues, foreign exchange reserves or employment, and the presence of restrictions in the supply chain or logistics that affect export performance.

For information, it can be said that within the framework of the current project implemented with the Central Bank of Uzbekistan, the Korean side aims to develop a comprehensive vulnerability index to assess the risks of a balance of payments crisis in Uzbekistan and propose short- and long-term policy measures. Given that a significant part of Uzbekistan's total exports is made up of mineral raw materials, fluctuations in the prices of raw materials, especially metals, on the world market have a significant impact on the current account and external stability. Therefore, the importance of the mining sector in the country's external balance is significant.