NEWS AND EVENTS
October 30, 2012
UzSungwoo commissioned in Ferghana city
UzSungwoo, an Uzbek-South Korean joint venture, has been commissioned in Ferghana city of Uzbekistan.
UzSungwoo will produce stamped/welded automobile parts for new car models of General Motors Uzbekistan (GM Uzbekistan) from November 2012, the Uzavtosanoat representative said.
Uzavtosanoat representative said the venture will provide jobs to 453 people and the enterprise will produce 182 types of spare parts for cars.
In the result, the company will produce goods for US$82.7 million and help to save significant volume of hard currency.
UzSungwoo was founded in April 2011 by UzAvtoSanoat and Sungwoo Hitech Ltd with the charter capital of US$14 million. The project was financed due to own resources of the founders of the venture.
UZSUNGWOO was placed at the territory of Ferghana Mechanic Plan with total area of 6.6 hectares. Initial capacity of the enterprise is 35,000 sets of spare parts a year, which will grow to 125,000 units of spare parts a year by 2014. (Source: UzDaily.com)