Chairman of the Uzcharmsanoat association Fakhriddin Boboev met with the delegation of the Republic of Korea, headed by the head of TG Holding Sang Jin Kong, the press service of the association reports. The main topic of the negotiations was the practical aspects of the implementation of the company’s new investment projects in Uzbekistan.
As we reported earlier, during the visit of the Chairman of the Uzcharmsanoat Association Fakhriddin Boboev to South Korea, as a result of negotiations with TG Holding, an agreement was reached on the launch of projects in the industrial, manufacturing and service sectors of our country. The negotiations continued with practical actions.
A Korean company visited our country with a specific project plan that determines the directions of start-up investment projects in Uzbekistan. The first investment projects of TG Holding will be implemented in the leather and footwear industry, cosmetology, energy and service sectors. The company spent $150 million in direct investment on these projects. The head of the company commented on his decision to invest in Uzbekistan as follows.
“In recent years, the investment potential of Uzbekistan has shown high dynamic growth,” noted a foreign investor. – Our rights are reliably protected. In particular, during the visit of the chairman of the Uzcharmsanoat Association to Seoul, the first round of negotiations was successfully completed. And in less than a month we are already in Uzbekistan. We outlined the directions of our projects. From November this year we will begin work in four areas.”
In particular, the Korean side plans to create new enterprises in Uzbekistan for the production of shoes, clothing and accessories of Korean brands, as well as a plant for the production of artificial leather. At the meeting, the investor was provided with detailed information about the benefits and preferences provided by the legislation of Uzbekistan. A working group has been formed to provide legal advice.
TG Holding will begin its first projects in Uzbekistan in November 2023. To this end, a memorandum of cooperation in attracting investments and initiating projects in areas, and an agreement on admission to membership of the Association were signed between the Uzcharmsanoat association and the TG Holding company.