Uzbekistan, Korea sign textile cooperation agreements

19 Jun '14

2 min read

Several agreements for cooperation in the textile sector were signed between Uzbekistan and Korea during the first state visit of South Korean President Park Geun-hye to Uzbekistan, reports UzReport.

At the meeting of the Uzbek-Korean business forum in Tashkent, a memorandum of understanding (MoU) was signed between the Uzbek light industry joint stock company Uzbekyengilsanoat and the Korean Institute of Technology Development for setting up a Textile Technology Innovation Centre in Tashkent at a cost of US$ 10 million.

Agreements were also signed for three new Uzbek-Korean joint investment projects in the textile and light industry. A $20 million agreement was signed for a project between Uzbekyengilsanoat and the South Korea-based Yanguan Corporation.

Uzbekyengilsanoat also signed MoU for investing $12 million for expansion and modernization of existing production units of Daewoo Textile Fergana and Daewoo Textile Bukhara.

In addition, a MoU on cooperation in the textile and light industry was signed between Uzbekistan’s Ministry of Foreign Economic Relations, Investments and Trade and South Korean Ministry of Commerce, Industry and Energy.

Currently, there are more than 400 enterprises, including textile companies, in Uzbekistan which have been created in partnership with South Korean businesses.

In 2013, the bilateral trade turnover between the two countries crossed US$ 2 billion.

Fibre2fashion News Desk - India

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