Uzbekistan, Korea to produce aluminum parts

/By AzerNews/

By Aynur Karimova

Uzbekistan and South Korea will jointly produce aluminum parts by high-precision injection molding.

A relevant agreement on the organization of production was signed between Uzbekistan's Uzavtosanoat Joint Stock Company and the Korean INZI AMT Co., Ltd, Uzavtosanoat reported.

The sides also agreed to establish the UZAUTO-INZI joint venture as a limited liability company with a registered capital worth $10 million and shares equally distributed.

Production is scheduled to begin January 1, 2017.

Uzbekistan will allocate 6.9 hectares to JV UZAUTO-INZI LLC for the construction of the production facilities.

The joint venture will produce some 43 vehicle component parts, engines, and generators with an annual production volume of more than 2,400 tons of aluminum castings per year.

The Republic of Korea is one of the largest investment partners of Uzbekistan. Trade and investment cooperation have been steadily developing between the two countries. The countries have established the most-favored-nation regime in the sphere of economy.

Uzbekistan is Korea’s largest trading partner in Central Asia. A large diaspora of ethnic Koreans live here.

As of 2014, the trade turnover volume between the two countries amounted to $1.9 billion.