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Korean-Uzbek textile JV invests $300,000 for modernization
16
Jun '14
courtesy: uza.uz/Farhad Abdurasulov
courtesy: uza.uz/Farhad Abdurasulov
Shindong Spinning Termez, the Uzbekistan-South Korean joint venture company engaged in textile production, is investing US$ 300,000 for modernization and installing new equipment, reports Uzbekistan National News Agency uza.uz.
 
Shindong Spinning is one of the three ventures in Uzbekistan’s Surkhan-Daryo region that have investments from South Korea, whose President Park Geun-hye is visiting Uzbekistan on a three-day official visit. The manufacturing cooperation between Uzbekistan and Korea is an important factor in the development of mutually beneficial business relations between the two countries.
 
The cotton produced in Uzbekistan is an important raw material for the country’s light industry, for production of yarn and other finished products that meet international standards.
 
Shindong Spinning, established seven years ago, produced 1,281 tons of yarn valued at 5.592 billion soums last year. Over the years, the number of people employed at the manufacturing unit increased from about 200 to 250.
 
This year, the company is continuing its modernization process, replacing obsolete machinery with modern equipment, and allocated $300,000 this year for the purpose. This is expected to add another 50 jobs, while improving product quality and enhanced energy savings.
 

Fibre2fashion News Desk - India

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