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Uzbek-Korean JV to produce jewelry

Business Materials 22 November 2017 09:05 (UTC +04:00)

Baku, Azerbaijan, Nov. 22

By Nigar Guliyeva – Trend:

In Seoul, an agreement was signed to establish an Uzbek-Korean joint venture to produce jewelry, Uzbek media reported.

The state research and production enterprise FONON and South Korean Hwachon Plant-Gemco signed an agreement on the establishment of a joint venture in Tashkent.

The deal was undersigned by FONON General Director Mukhsin Ashurov and the executive director of Hwachon Plant - Gemco Shik Shin Cheol.

The statutory fund of the joint venture, created on a parity basis, will amount to $ 30 million.

Next year Uzbekistan intends to launch a full-scale industrial production of various jewelry.It is planned to produce gold products worth $ 16.4 million, and silver - $ 111,900 in 2018.

Already by 2020, the country will bring the annual output of jewelry products to more than $ 40 million.

For three years, the output of silver products is planned to increase 6.2 times - from $112,000 in 2018 to $760,500 in 2020, and from gold - 2.4 times, from $16.4 million to $39.6 million.

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