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Saturday, February 17, 2018

Uzbek manufacturing reforms kickstart cotton industry

South Korea's Global Komsco Daewoo (GKD), which is producing cotton cellulose in Uzbekistan's Tashkent region, has been thriving under reforms instituted by Uzbek President Islam Karimov to bolster the manufacturing industry and modernize enterprises.

More than 8,000 tons of goods are expected to be produced this year, up from 5,500 tons in 2013, according to the Uzbekistan National News Agency.

"The Uzbek cotton that enjoys a great demand in the world market helps secure the high quality of our produce," Kim Won Suk, the director of the production department at the company, said, UzA reports. "A favorable investment climate and other necessary condition for energetic and successful business of foreign entrepreneurs are created in Uzbekistan.

The company, established entirely with South Korean capital, is exempt until 2017 from income tax, property tax, mandatory payments to the Republican Road Fund, and some customs dues, Kim said.

"The major factors of the successful activities in Uzbekistan are, in my opinion, the peace and calmness reigning in the country," Kim said, according to UzA. "We are glad to be working in a peaceful, prosperous, dynamically advancing country.

More than 250 people work at the enterprise, which produces cotton cellulose for use in several areas of the manufacturing industry--in particular, paper.

Many of the goods manufactured in Uzbekistan are exported to South Korea, China, Indonesia, Germany, France, the Netherlands, Italy, Russia and Belarus, according to UzA.