BAKU, Azerbaijan, Aug. 14
By Ilkin Seyfaddini - Trend:
Namangan Free Economic Zone plans to launch 11 promising projects worth $377.3 million (including $355.2 million of foreign direct investment) in 2020-2022, Director of Namangan Free Economic Zone, Murodjon Gafurov told Trend.
"At present, Namangan Free Economic Zone is planning a phased launch of JV Tai Cnang Special Steel LLC [Uzbek-Chinese joint venture for production of metal goods] worth $50 million, JV Eso Basalt LLC worth $110 million [Uzbek-Dutch joint venture on production of basalt mineral wool] and Siberian Wellness Namangan LLC [joint project with Russian company on drying and packaging of fruits and vegetables] worth $4 million from 2020 to 2021,” said Gafurov.
According to him, the launch of these projects, worth $164 million (including $100 million in foreign direct investment), is expected to create 1,080 new jobs.
"In addition, in the period from 2020 through 2022, it is planned to implement large projects in the territory of FEZ Namangan, such as JV Hyundai Motor Uz Namangan LLC [Uzbek-Korean joint venture on launching production of cars and buses of Hyundai brand] worth $200 million, and JV Manas-Avto Sanoat LLC [Uzbek-Turkish joint venture on production of electric cars, minibuses etc.] worth $70 million," said Director of Namangan FEZ.
In his words, JV Namangan Changan Motors LLC, worth $5.8 million, will be launched in the first quarter of 2021; currently, the construction of the plant is in full swing.
Gafurov added that Namangan Changan Motors LLC will work actively with all sectors of the automobile industry in Uzbekistan during the period of its operation to increase the level of localization to 50 percent.
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