Uzbekistan, South Korea eye to co-op in textile industry

By Azernews

By Abdul Kerimkhanov

The Uztextileprom Association and the South Korean Techno Park Geoji Daedzhin will sign a memorandum of understanding on cooperation in the textile industry, Trend reports with reference to the association’s press service.

A certificate award ceremony will be held for industry professionals who successfully completed an internship in South Korea in November 2018.

According to the information, Uztextileprom Association, with the assistance of Geongei Daejin, organizes a business briefing on the implementation of the Uzbek-Korean textile technopark in Tashkent on December 6.

Cooperation between the parties enhances both the exchange of experience and the mobilization of additional resources. Technological experience of the Korean side will allow creating a universal textile infrastructure facility. It will become a platform for generating ideas, translating them into products that are competitive in the foreign market, as well as a platform for developing innovative textiles and training personnel in Uzbekistan.

In accordance with the resolution of Uzbek President dated February 7, 2017, the construction of the Uzbek-Korean technopark, funded by the South Korean government in the amount of $ 15 million, was started. Technopark will be located in the Yakkasaray district of Tashkent city, where they will train students and young scientists, as well as conduct state and international research programs.

Uzbekistan is the main trading partner of the Republic of Korea among the countries of Central Asia. Uzbekistan accounts for over half of the trade turnover of the Republic of Korea with the states of the region.

In the January-July 2018, the trade turnover between Uzbekistan and South Korea amounted to $762.4 million.

Currently, there are more than 460 enterprises with participation of Korean capital in Uzbekistan (386 joint ventures and 75 enterprises with fully Korean capital). Representative offices of 75 South Korean companies are also accredited in Uzbekistan.

These enterprises successfully operate in the oil and gas, petrochemical and chemical, machine-building, electrical and textile industries, information and communication technologies, transport, logistics and tourism.

Representative offices of 75 companies of Korea are accredited in Uzbekistan. The main areas of their activity are oil and gas, petrochemical and chemical, mining, engineering, electrical engineering, textile, information and communication technologies, transport and logistics, tourism, production of building materials, as well as processing of agricultural products.