Korea’s POSCO International, which is implementing a major project in Fergana region, plans to make additional investments.

During the visit of the delegation of the region to Korea (March 2022), a meeting was held in the city of Incheon with the leadership of POSCO International Corporation, which resulted in the signing of a Memorandum of Cooperation worth $65 million.

As part of the first stage of the agreement, POSCO International invested $21 million in the development of the region in 2022. Equipment for the line for the production of mixed fabrics and threads was imported for $9 million. The construction of an $8 million cotton processing plant is nearing completion in Yazyavan district. The company will employ 250 residents of Yazyavan district.

An oil mill with a production capacity of 20,000 tons of cotton seeds will start operating in September this year. A drip irrigation system has been introduced on 430 hectares in the district, and agricultural machinery necessary for the operation of the cluster has been brought in with a total value of $2.5 million.

The leadership of POSCO International and the hokim of the region discussed the development of the cotton-textile cluster organized by the Korean company in Yazyavan district last year, the implementation of work to modernize the existing production at the POSCO Textile Fergana.

Masudjon Sulaymonov, UzA