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South Korea eyes producing agricultural machinery in Uzbek region

Business Materials 14 September 2020 17:46
South Korea eyes producing agricultural machinery in Uzbek region

BAKU, Azerbaijan, Sept. 14

By Klavdiya Romakayeva - Trend:

Deputy Head of Fergana region Mukhsinkhuzha Abdurakhmonov and President of Daedong Industrial Co., Ltd. South Korean company Lee Seong-Tae considered the possibilities of launching production of agricultural machinery in this region of Uzbekistan, Trend reports citing Dunyo information agency.

The meeting was also attended by officials of the Ministry of Investment and Foreign Trade of Uzbekistan, administration, tax and customs services, and the Department of Justice of the Fergana region.

During the negotiations, the South Korean side reported on the ongoing work on studying the domestic market of Uzbekistan to determine its volumes, prospects for expansion and the possibility of interaction with farms.

Based on the information received from the Uzbek side, a phased preparation of documents necessary for the implementation of the project has begun, such as a feasibility study, an investment agreement, as well as agreeing on the conditions for creating a joint venture.

Lee Seong-Tae expressed the willingness of Daedong Industrial Co., Ltd. to send several samples of a power cultivator to the Fergana region to determine the main directions for its use in agriculture.

As a result, the parties will identify a list of attachments that will be localized first. The Korean side noted its readiness to promptly agree on the timing of deliveries of this equipment to Uzbekistan.

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