TASHKENT, Uzbekistan, September 12. South Korean TG Holding is planning to invest $150 million in Uzbekistan for leather and footwear industry development, Trend reports.
The news followed a recent meeting between Chairman of Uzbekistan's Uzcharmsanoat, the leather and footwear industry association, Fahriddin Boboev and South Korean TG Holding representatives. During the meeting, the parties agreed on the implementation of new investment projects in the leather and footwear industry.
The total volume of investments from the Korean company will amount to $150 million, $35 million of which will be allocated in the nearest future to kickstart the project as soon as possible.
TG Holding is known for its promising investment projects in more than 50 countries around the world in such industries as renewable energy, car manufacturing, housing and road construction, pharmaceuticals and cosmetology.
As per data provided by Uzbekistan's State Statistics Committee, the country has exported about 5.7 million pairs of shoes worth $10.2 million from January through March 2023. Uzcharmsanoat plans to increase the volume of leather and footwear production up to 18.6 trillion soums ($1.6 billion) by 2026.
