Baku, Azerbaijan, Oct. 9
By Fikret Dolukhanov – Trend:
Olef Creations is considering establishing jewelry production in Uzbekistan, the American company’s president, Matthew Akdemir, told Trend on Oct. 9.
"The company is currently at the stage of considering the possibility of expanding to the Uzbek market," he said.
Akdemir also emphasized that Olef Creations is ready to consult any country that needs the company’s services.
Earlier, Korean Federation of Jewelry Industry (KOFJI) announced plans to establish jewelry production in Uzbekistan.
“Uzbek gold holds a leading position in the world in terms of quality and production volumes. Created conditions, benefits and preferences for investors turn Uzbekistan into one of the most attractive countries for investment. The potential is huge and we are confident in the prospects of our mutually beneficial cooperation,” Chairman of KOFJI Lee Bong Seung said.
If agreements are achieved, the companies will work in Uzbekistan as part of a joint consortium that has already created a subsidiary in Uzbekistan and has begun to carry out the preparatory work for the project, as well as to study the market in detail.
Uzbekistan has also achieved an agreement with the KOFJI to create an industrial zone for organizing production of jewelry and training industry specialists by creating a joint venture.
The country was planning to increase output of silver products 6.2 times in three years: from $112,000 in 2018 to $760,500 in 2020. At the same time, output of gold products was planned to be increased 2.4 times: from $16.4 million to $39.6 million.
Special attention will be paid to promotion of products abroad. Uzbekistan is planning to export jewelry for almost $14 million in 2020.
Main volumes of jewelry will be produced at two flagship enterprises, which will be put into operation in 2018-2019. These are jewelry factories at the Phonon and 1-Zargarlik Korkhonasi enterprises.
South Korea's Jemco jointly with the local Asaka Bank will be involved in development of the first enterprise.
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