Youngone Corporation, a South Korean textile and garment giant plans to significantly expand its presence in Uzbekistan and take its investment to US $40 million within next three years.
Park Jae-yong, President of Youngone Corp announced this at a Korea–Uzbekistan Business Forum held on the sidelines of the Tashkent International Investment Forum (TIIF).
Youngone Corporation is building a fully integrated textile and apparel supply chain that includes yarn, fabric and apparel production and plans to utilize locally grown cotton.
According to a report by The Korea Herald, Youngone has already invested about $22 million in Uzbekistan and the finished products will be exported to its key global markets, especially Europe.
Currently, the company’s core production of garments is in Samarkand and will invest the additional amount to expand the Samarkand facility.
The South Korean company manages facilities in Bangladesh, Vietnam, India, Ethiopia, El Salvador, and Uzbekistan and employs more than 90,000 people worldwide.
Image courtesy: Daryo
