Uzbek-Chinese JV Peng Sheng launches capacities on production of footwear, construction materials
Uzbekistan, Tashkent, Oct.18 / Trend, D.Azizov /
The Uzbek-Chinese JV Peng Sheng JV LLC commissioned new integrated production complex on manufacturing leather-shoe and construction materials in Syrdarya region of Uzbekistan, the Uzbekcharmpoyabzali Association told Trend today.
This multiple-discipline enterprise will process raw leather and produce footwear and ceramic tiles. The venture will process 600,000 units of cattle leather, produce 400,000 pairs of footwear and 4 million square meters of ceramic tiles a year once it will reach project capacity in 2011-2012.
New enterprise is planning to export at least 70% of produced leather and footwear, as well as 55% of ceramic tiles.
Peng Sheng JV LLC with charter capital of $3 million was founded by Wenzhou Jinsheng Trade Co., Ltd (China) and Sinlong LLC (Uzbekistan) on parity terms.
Wenzhou Jinsheng Trade Co., Ltd undertook obligation to invest $25 million to the project, including $12.3 million in the first stage (till 1 June 2010).
Peng Sheng was earlier exempted from paying customs duties on special equipment, machinery, vehicles and the required construction materials.