Baku, Azerbaijan, Sept. 18
By Fakhri Vakilov-Trend:
Chinese company Jinsheng Group plans to implement two investment projects in Uzbekistan, as stated at the meeting between Uztextile Association and the delegation of Jinsheng Group on September 17, 2019, in Uzbekistan, Trend reports citing Uzbek media.
The meeting was held on the issues on expanding the existing production of the Chinese company in Kashkadarya region.
In 2016-2017, through the foreign direct investment of $110 million, the Chinese corporation created a high-tech LT Textile complex in Kashkadarya region; 700 jobs were created.
During the talks, the Chinese side noted the effectiveness of ongoing economic reforms in Uzbekistan, which serve to create even more favorable conditions for conducting business in the country.
As reported, the company decided to implement two investment projects in Uzbekistan. One project is to establish production of fabrics based on existing spinning capacities in the Kashkadarya region with the attraction of $10 million of foreign direct investment in 2019-2020. The other initiative envisages organization of cotton-textile (cluster) production in the Syrdarya, Kashkadarya and Tashkent regions.
Within the company’s delegation visit in Uzbekistan, meetings are planned with interested ministries and departments.
Jinsheng Group Corporation, established in 1995, is a group of industrial companies specializing in textile, machine-building and other industries. It includes more than 70 large enterprises located in China, Germany, Switzerland and other countries. The total annual turnover of the company is more than $3 billion, and the total value of its assets is $2.3 billion.
---
Follow author on Twitter:@vakilovfaxri