Korean companies expand investment activities in the textile industry of Uzbekistan

    Investments 15 September 2023 4637

    Currently, the delegation of the Uztextilprom Association, headed by the First deputy, is in Korea, where it held fruitful meetings with Korean partners to expand cooperation. The potential for the development of the textile industry of the New Uzbekistan has been presented to Korean investors and business circles.

    Following the results of participation in the Uzbek-Korean Business Forum and B2B, as well as a number of meetings with Korean companies, the following results were achieved.

    With Yuoungone Corporation, the parties touched upon the issues of optimizing overtime hours for employees in production, with a positive solution of which the Korean side is ready to invest $ 50 million in a project for the production of sewing and knitting products in the Tashkent region.

    Also, the issue of launching a fabric dyeing plant in Samarkand and organizing a large textile warehouse in Uzbekistan for the sale of polyester and spandex was considered.

    POSCO International discussed the issue of regulating yarn export duties and the possible implementation of a joint project for the production of synthetic fabrics.

    During negotiations with SL Global, a major manufacturer of home textiles, the parties discussed the issue of relocating the production of bed linen to Uzbekistan.

    Within the framework of cooperation between Uztextilprom, KOFOTI and KTTA, a joint work plan will be worked out to deepen bilateral cooperation with the members of the associations.