The Korean company TG Holding is preparing to launch joint leather goods production in Uzbekistan, Uzcharmsanoat reported.

The director of the company, Kong San-jin, met with the head of the association, Fakhriddin Boboyev, in Tashkent. The parties discussed practical issues of implementing the initiatives agreed upon during the trip of the Uzcharmsanoat delegation to South Korea two weeks ago.

TG Holding has prepared a plan for the implementation of its first investment projects in Uzbekistan. The company will invest $35 million in the leather and footwear industry of the republic, as well as in the cosmetics, energy and service sectors.

With the participation of the holding, it is planned to launch the production of footwear, clothing and accessories of Korean brands. In addition, the parties intend to create an artificial leather plant.

Part of the products produced by future factories is planned to be exported to the markets of Korea and other Asian countries, as well as to Europe. In the future, the company also expects to supply footwear from local suppliers abroad.

Work in the above areas in Uzbekistan is planned to begin in November. At the meeting, a memorandum of cooperation in attracting investments was signed, as well as an agreement on the admission of TG Holding to Uzcharmsanoat.

The holding is also exploring opportunities for investment in other industries. In total, it expects to invest up to $150 million in Uzbek projects.