The relationship between Uzbekistan and South Korea, has resulted in a wide range of bilateral political and economic cooperation.
Based on mutual interests, Korean investments into Uzbekistan’s economy exceeds $7 billion in the sectors of trade, communications, energy, light industry, pharmaceuticals, mining, production of petrochemicals, electronic products, and building materials. This figure explains the full trust of Korean business in Uzbek partners.
UzChasys, an Uzbek-Korean joint venture on the production of headlights and lights, opened in 2008 in Namangan region of Uzbekistan as one of the successful investments of Korean side in the Uzbek land.
The joint venture started with the USD 5.95 million charter capital, where South Korean AMS Co. Ltd holds 30% and Uzavtoprom 70% of the shares, had 250,000 headlights and lights a year project capacity and to reach maximum capacity was seen a very long-term goal. However, today the company, production line of which 90 % automated and uses robot system, produces more than 270,000 items and has had 36, 68 billion sums (app. USD 11 million) annual revenue in 2016.
UzChasys, equipped with advanced production lines of Korea (LS, Hankook), Germany (OErlicon) and Japan (Meiki, Yaskawa) now has become the original equipment manufacturer (OEM) for GM-Uzbekistan and GM-Brasil.
The success of the investment shows the existence of great conditions for doing business in Uzbekistan.