Namangan is becoming an attractive region For Korean investments

Day by day more and more Korean companies have been eying to invest in Namangan region of Uzbekistan. Nowadays 22 companies with Korean capital, such as UzChasys, specialized in the production of automobile headlamps and lights, Chartak-Daehan-Textile, processing 3,300 tonnes of cotton fiber per year etc. operate in the region. Recently, consortium of Hyundai Motor, Posco Daewoo and Evergreen Motors has laid foundation for new commercial vehicles plant in Turakurgan district of Namangan region.
Last month Namangan hosted Uzbekistan-South Korea business forum. Big Korean business delegation led by Kim Chang Keon, President of Evergreen Motors Group (Chairman of Korea-Uzbekistan Business Center & Adviser to Prime Minister of Uzbekistan) and including representatives of «Evergreen motors», «Hyundai Industry», «Seojeong University», «Incheon» FEZ, «BLS», «Himchan hospital», «Seum Construction», «Dongho Cosmo» and other about 40 companies, discussed with Namangan side the ways to boost investments the development and implementation of new projects, the trade in goods and services. Reported US$ 14 billion worth of deals were signed during the forum, in such areas as reprocessing of fruits and vegetables, manufacturing of building materials and wine production.

Located in the southern part of the Fergana Valley, in far eastern part of the country, Namangan region has an estimated population of about 3 millions, territory covers 7,18 km2. Huge benefits and preferences provided for foreign investors in Uzbekistan together with high investment support in the regional level, good location factor, availability of cheap and highly skilled workforce, making Namangan attractive region for foreign investors. Namangan FEZ, Kosonsoy-pharm FEZ, 6 small industrial zones (SIZ) working in the region are providing extra wide system of legal guarantees and privileges for foreign investors.
Several visits of delegation of Namangan regional government led by the governor Hayrullo Bozorov to Korea Republic showed the high interest of the region to attract Korean business to Namangan. Incheon Free Economic Zone (IFEZ) Authority signed a memorandum of understanding (MOU) with the Namangan Regional Government for FEZ development and investment promotion.
Korean Gold Dream Foundation signed a Memorandum of Cooperation with the region, envisaging the creation of a medical cluster in the Namangan that include a medical clinic, a center for training and retraining medical specialists and a pharmaceutical manufacturing plant that meets international standards. Direct investments of the Korean side in the project will amount to US$80 million.

Bilateral trade between Namangan region and Korea Republic touched US$ 17,74 million in 2018. Namangan’s exports to Korea were silk products, yarns, and fruits and vegetables. Top Korean exports to Namangan include machinery, chemical products, and clothes.

By Dilmurod Jumaboyev