BAKU, Azerbaijan, June 27. Singaporean Indorama Corporation, a producer of urea and phosphate fertilizers, has announced that the second phase of modernization project at Uzbekistan's Kokand Fertilizers and Chemicals Plant is scheduled to commence in June 2024, Trend reports.
The issue was discussed at the meeting between Laziz Kudratov, Minister of Investments, Industry, and Trade of Uzbekistan, and Prakash Kejriwal, Director of Indorama Corporation.
This project, aimed at enhancing the efficiency and capacity of the plant, has been made possible through the attraction of direct foreign investments amounting to $30 million. Encouragingly, $20 million has already been allocated and utilized within the framework of this initiative, reflecting a strong commitment to its success.
The purpose of the meeting was to discuss and review the progress of ongoing investment projects and explore potential avenues for collaboration in the textile and chemical sectors.
During the productive discussions, both parties delved into the implementation status of existing investment initiatives. They assessed the milestones achieved so far and exchanged insights on the challenges encountered during the execution of these projects. The sides expressed satisfaction with the progress made and acknowledged the importance of continued cooperation to ensure successful outcomes.
The expansion and modernization of the Kokand Plant hold immense potential for the region, fostering economic growth, job creation, and technological advancement. This significant endeavor is a testament to the fruitful collaboration between the Ministry of Investments, Industry, and Trade and Indorama Corporation, and it reaffirms the mutual commitment to further strengthening their partnership.
Both parties expressed their determination to explore new horizons of cooperation beyond the existing projects. They recognized the vast opportunities present in the textile and chemical sectors and pledged to actively pursue joint ventures, knowledge sharing, and technology transfer to propel these industries forward.
The meeting concluded on a positive note, with both Kudratov and Kejriwal expressing their gratitude for the constructive dialogue and reaffirming their commitment to deepen and expand bilateral cooperation.