NEWS AND EVENTS
March 29, 2012
Success Factor: Korean company invites investors to Uzbekistan
Korean Air has built a new residential complex in Navoi for its employees and foreign investors.
Complex Hanjin Navoi occupies 18,000 square meters of area and consists of 3 buildings with 51 apartments, a business center, a fitness club, swimming pool, sauna, restaurant and a bar. Each building has its own special design. The heat insulation of walls allows buildings to significantly reduce energy consumption on heating and air conditioning. In addition, the apartments are equipped with automatic control systems, heating and air conditioning systems and meet the high level of comfort.
Ample opportunities, benefits and incentives created for foreign companies for the free and active participation in FIEZ Navoi attract increased interest of businessmen, particularly from South Korea, to cooperate with Uzbekistan, said Chi Chang Hoon, president of Korean Air. “The region has a huge investment and industrial potential, and we are delighted to take part in its development.”
Now the Korean airline is actively working to increase traffic through the logistics hub of Navoi International Airport. This project was started in 2008 when Uzbekistan Airways and Korean Air signed an agreement on consulting services for Navoi Airport, providing various forms of bilateral cooperation. This agreement initiated the transformation of the airport into an international logistics center. Last year alone, Navoi airport serviced 20.7 thousand tons of cargo.
Construction of residential complex was started on March 5, 2010, and completed in late December, 2011. The total project cost was $12.5 million. Experts say this complex will certainly play a significant role in attracting foreign investors in the Navoi free industrial and economic zone.
Gorav Sharma, director of purchasing and supply chain management at UzMinda LLC, says Uzbekistan has created a unique economic zone in Navoi, which actively attracts investors from around the world. The new complex will help them adapt more quickly to the Uzbek environment and to work effectively, creating new industries. (Source: Uzbekistan Today Newspaper)