(MENAFN - AzerNews) By Trend
China's Jiangsu Jiujiu Silk Co. Ltd. plans to create the Uzbek-Jiangsu industrial park for mulberry growing, production of cocoons and silk.
The Uzbek Labor Ministry said that the Chinese have been conducting the production of silk products in Uzbekistan's 'Jizzakh Free Economic Zone since 2013.
The Chinese company's President Zhu Lie said that the company plans to invest $100 million in the cultivation of prolific mulberry trees and cocoons, and the production of silk products.
The investments will help to improve the investment climate in the country, he said.
Currently, the main player of the 'Jizzakh Free Economic Zone, designed specifically for Chinese investments, is a multi-profile company Peng Sheng.
This Uzbek-Chinese joint venture plans to implement seven projects with a total volume of investment of $40 million.
The projects are aimed at organizing the production of footwear and leather goods, fittings and mixers, locks and other products.
The company is also expanding its activity in the Syrdarya region neighboring with the 'Jizzakh Free Economic Zone.
Total investments of Peng Sheng in Uzbekistan's economy have exceeded $100 million.
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