Baku, Azerbaijan, July 22
By Fakhri Vakilov- Trend:
Construction of a large Uzbek-Chinese cement plant “Namangan Jinmingyang building materials” started in the Yangikurgan district of the Namangan region of Uzbekistan, Trend reports via Uzbek media.
The enterprise is scheduled to be launched in the fourth quarter next year. The project cost of the plant is $105 million, and the annual production capacity is 1.5 million tons.
The new cement plant is a joint venture of the local company Bunyodkor Mahsudbek Faiz and the Chinese Hebei Yijia Cheng Trading Co. LTD. The Chinese company will invest $90 million in the project; and the Uzbek side will pay the rest.
The company will occupy an area of 40 hectares and work on Chinese equipment. Over 700 people will be able to get a job at this plant.
As Governor of Namangan region Khairullo Bozorov noted, investors began to trust the regional economy more. He stated that, at the end of 2017, foreign direct investments amounted to $7.5 million, increased to $74 million in 2018, and reached $125 million in the first half of 2019.
"By the end of the year, we plan to bring this figure up to $400 million," Bozorov said.
Currently, over 200 enterprises with foreign capital operate in the region, whereas there were only 83 such entities in 2017.
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