Construction Works Kick off at Hyundai Factory
Hyundai automobile plant to emerge in the Namangan region has been given the green light for construction works.
The ceremony of signing an investment agreement for the project implementation took place recently in the regional hokimiyat. The Namangan region hokim H. Bozorov signed the contract on behalf of Uzbekistan, Hyundai Motor’s president for trucks Lee Ying Chaeol, vice president of auto division of Posco-Daewoo Corporation Hoon Seung Lee and president and CEO of Evergreen Motors Group Kim ChangKeon inked the document on behalf of the Republic of Korea.
Following the occasion, a ceremony took place in Turakurgan district to lay the first stone of the Hyundai commercial vehicle plant. Along with a delegation from South Korea, businesspeople from partner countries such as Malaysia, Indonesia, China and Thailand were also invited to the event.
“There are 17 joint and foreign enterprises in the region established with South Korean investments, which indicates a high development of bilateral cooperation,” said H. Bozorov, governor of Namangan region. “The construction of the new plant Hyundai-Namangan KD has become one of the most important steps in the history of the national automotive industry. As a significant project in the socio-economic life of the region, it will contribute to the growth in the well-being of our people, the prosperity of the country.”
“Uzbekistan is one of reliable partners consistently enhancing allround ties with South Korea,” says Lee Ying Chaeol, president for trucks production at Hyundai Motor. “We believe that next year we will see the first results of the enterprise we have conceived today.”
This plant, to be built under the cooperation of several South Korean companies, will begin production in September 2019. First, 400 small trucks, minibuses and buses will come from the plant a year. Gradually, this figure is projected to reach 3,000 units. Based on the localization program, the company intends to produce 50% of spare parts in our country. With the commissioning of the plant at full capacity, more than 1 thousand jobs will be created.