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Uzbekistan, Hyundai to accelerate construction of car factory

Business Materials 26 October 2019 13:14

BAKU, Azerbaijan, Oct. 26

By Fakhri Vakilov-Trend:

Representatives of Uzbekistan’s Namangan region administration and heads of South Korean Hyundai Corporation and Evergreen Motors companies signed an additional investment agreement to accelerate the construction of a Hyundai car factory, Trend reports citing Uzbekistan’s Foreign Ministry.

The agreement was worked out with the active support of Uzbekistan’s Ministry of Foreign Affairs and Uzbekistan’s Embassy in South Korea.

The parties agreed that the first finished products of the enterprise will be manufactured in the first half of 2020.

The project to build a Hyundai commercial vehicle manufacturing plant in Namangan region is being implemented as part of the agreements reached during the state visit of Uzbekistan’s President Shavkat Mirziyoyev to South Korea on Nov. 22-25, 2017.

After the completion of the construction and commissioning the factory, it is planned to produce 2,500 small trucks, vans and buses annually at the enterprise. It is expected that after the factory reaches full capacity, more than a thousand new jobs will be created there.

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