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South Korean organization invests in textile industry of Uzbekistan

Business Materials 16 November 2019 13:29 (UTC +04:00)
South Korean organization invests in textile industry of Uzbekistan

BAKU, Azerbaijan, Nov. 16

By Fakhri Vakilov - Trend:

Uzbekistan’s Uztextile Association and the Korean Sewing Machinery Industrial Association (KOSMIA) signed a Memorandum of Understanding, Trend reports citing the Association’s press service.

According to the agreement, an investment project will be implemented in Uzbekistan to attract products / technologies of KOSMIA members in the amount of $1.4 million, with the implementation of a training program for graduates of the Tashkent Institute of Textile and Light Industry during 2020-2022.

The memorandum was signed during the negotiations with The KOSMIA delegation at the Uztextile Association.

During the negotiations, the foreign side was provided with information about the textile and sewing and knitting industry of Uzbekistan, the ongoing economic reforms in the country and the achievements of the industry.

The parties discussed possibility of enhancing trade, economic and investment cooperation by establishing partnerships with domestic enterprises of the industry, introducing best practices and technologies of members of the Korean association and conducting trainings for specialists in the textile industry, etc.

In addition, for a more detailed study of the technological equipment of enterprises, the Korean delegation visited textile enterprises - Uztex Chirchik, Betlis Tekstil, Full Cotton, Ariya Tex. The guests highly appreciated the installed equipment and gave their recommendations on improving the efficiency of sewing machines.

Korean Sewing Machinery Industrial Association (KOSMIA) was established in 1971 and is based in Seoul. The association includes more than thirty popular local enterprises of manufacturers of sewing machines, including Sungwoo Puller, Nawom Machinery, Silver Star and others.

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