Daewoo International to invest US$22m to modernize two textile plants
25/06/2014 15:30
Daewoo International to invest US$22m to modernize two textile plants
25/06/2014 15:30
Tashkent, Uzbekistan (UzDaily.com) -- South Korean corporation Daewoo International will invest up to US$22 million to expansion of production capacities of two textile enterprises in Uzbekistan.
Uzbekyengilsanoat and Daewoo International signed a memorandum of understanding on expanding and modernizing production capacities at Daewoo Textile Fergana and Daewoo Textile Bukhara.
Representative of Daewoo Textile Fergana told UzDaily that the memorandum is directed at further deepening and expanding investments and cooperation, as well as modernization and increasing production capacities of two enterprises.
According to the memorandum, Daewoo Textile Fergana and Daewoo Textile Bukhara will invest US$12 million of own resources in 2014-2015 to expand spinning capacities by 4,000 tonnes. The companies will direct another US$10 million to modernization and expansion of the capacities in 2016-2017.
The company said that some US$3million were directed into spinning production in Ferghana and Bukhare to purchase new spinning equipment to improve quality and volume of produced goods.
In 2013, Daewoo Textile Fergana realized goods for US$107 million and Daewoo Textile Bukhara – US$44 million.
According to investment programme, it is planned to increase sales volume at two enterprises to US$170 million by 2016 and US$300 million by 2020.
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