BAKU, Azerbaijan, March 30. Uzbekistan eyes supplying its leather products to major car producers, such as Hyundai, Kia, and Toyota, Trend reports via Uzbekistan's Uzcharmsanoat.
The matter was discussed between representatives of the Uzcharmsanoat association with representatives of the South Korean JM company.
During the negotiations, the sides touched upon prospects of launching a joint venture in Uzbekistan’s Tashkent region, which will be aimed at supplying Uzbek leather products to major companies in the auto-producing industry.
Following the talks, the parties agreed on meeting in Uzbekistan, in the nearest future, to complete further negotiations with Uzbek leather factories.
The South Korean JM is the largest leather manufacturer in the country. The products manufactured in JM are mainly supplied to such automakers as Hyundai, Kia, and Toyota. The company’s annual revenue amounted to $250 million.
Earlier in March 2023, Fakhriddin Boboev, Chairman of the Uzcharmsanoat association, told Trend that the association plans to increase the value of leather and footwear production up to 18.6 trillion soums ($1.6 billion) by 2026 – an increase of 3.2 times, compared to the figures for 2022.