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NEWS

Daewoo to invest $22mn to expand Uzbekistan’s production

www.fibre2fashion.com
2 July 2014

South Korea's Daewoo International Corporation will invest up to $ 22 million to expand production at two textile factories in Uzbekistan.

"Uzbekyengilsanoat" and Daewoo International Corporation signed a memorandum of understanding on the expansion and modernization of existing production at Daewoo Textile Fergana and Daewoo Textile Bukhara.

The memorandum is aimed at further deepening and expansion of investment and cooperation, as well as modernization and expansion of production capacity of the two enterprises.

According to the memorandum, Daewoo Textile Fergana and Daewoo Textile Bukhara invest $ 12 million of equity in 2014-2015 to increase the spinning capacity of 4 tons. Company, and in 2016-2017 will send another $ 10 million to modernize and expand capacity.

This year has already invested more than $ 3 million in yarn production in Fergana and Bukhara to purchase new spinning equipment to increase the volume and improve the quality of our products.

In 2013, the amount of sales of Daewoo Textile Fergana was $ 107 million, and Daewoo Textile Bukhara was $ 44 million.

According to the investment program, it is planned to increase the amount of sales of the two companies in 2016 - to $ 170 million, and by 2020 - to $ 300 million.