AKIPRESS.COM - South Korean corporation Daewoo International will invest up to $22 million to expansion of production capacities of two textile enterprises in Uzbekistan. Uzbekyengilsanoat and Daewoo International signed a memorandum of understanding on expanding and modernizing production capacities at Daewoo Textile Fergana and Daewoo Textile Bukhara.

Representative of Daewoo Textile Fergana told UzDaily that the memorandum is directed at further deepening and expanding investments and cooperation, as well as modernization and increasing production capacities of two enterprises.

According to the memorandum, Daewoo Textile Fergana and Daewoo Textile Bukhara will invest $12 million of own resources in 2014-2015 to expand spinning capacities by 4,000 tons. The companies will direct another $10 million to modernization and expansion of the capacities in 2016-2017.

The company said that some $3 million were directed into spinning production in Fergana and Bukhara to purchase new spinning equipment to improve quality and volume of produced goods.

In 2013, Daewoo Textile Fergana realized goods for $107 million and Daewoo Textile Bukhara – $44 million.

According to investment programme, it is planned to increase sales volume at two enterprises to $170 million by 2016 and $300 million by 2020.