Baku, Azerbaijan, March 28
By Fakhri Vakilov – Trend:
Uzavtosanoat, General Motors and the GM Korea Supplier Association (South Korea) signed a memorandum of understanding, Trend reports via Uzbek media.
Following the signing, the parties agreed to support the development of the automotive industry in Uzbekistan through joint cooperation on the localization of automotive components and spare parts for new cars planned for production at GM Uzbekistan.
"The companies will make maximum efforts to attract Korean suppliers for localization projects in Uzbekistan. Moreover, the meeting participants noted that the priority area of cooperation will be to attract foreign direct investment to these projects," Uzavtosanoat noted.
In addition, the parties agreed to organize a symposium of suppliers in Uzbekistan in June 2019, where all business opportunities in Uzbekistan will be presented to Korean partners.
In mid-March, GM Uzbekistan and Saryarka AvtoProm LLP (Kazakhstan) signed a production development contract. The parties within the framework of the document have agreed to release 16,000 vehicles intended for sale, both in the market of Kazakhstan and in export markets, including Russia up to the end of 2019.
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