Uzbekistan, Tashkent, Sept.3 / Trend, D.Azizov /
The Daewoo International Corporation and the Korea Minting and Security Printing Corporation have partnered up and purchased a cotton pulp plant in Uzbekistan, the Korean Hearld reported.
The companies founded the joint venture Global Komsco-Daewoo to implement the project. Daewoo holds a 65-percent stake, while Korea Minting and Security Printing owns 35 percent.
Global Komsco-Daewoo will utilize Komsco's cotton pulp manufacturing technology and Daewoo's experience running local corporate bodies in Uzbekistan.
The joint venture will begin operating the plant in the first half of next year after remodeling and making supplementary investments. The plant will produce 20,000 tons of cotton pulp per year. Daewoo will sell the products to diverse enterprises, including Komsco.
The plant is expected to secure a stable supply of cotton pulp to Korea. Cotton pulp is used for making bills, checks and gift vouchers, as well as synthetic chemical products and textiles.