A consortium of Uzbek investors has expressed their interest in bolstering the light industry sector in the Turkestan region of Kazakhstan, media reports.
The proposal involves establishing new businesses specializing in producing textiles, tailoring, footwear, and leather goods. This development comes on the heels of a delegation visit by over 50 Uzbek entrepreneurs who were seeking to explore potential opportunities in the region.
The businessmen are exploring the potential for collaboration through the upcoming Central Asia International Center for Industrial Cooperation.
The Deputy Director of a shoe manufacturing company, Ilkhom Nazaraliev, expressed interest in creating new job opportunities and improving production in the leather and footwear industry. The conditions and opportunities the Kazakh side offer appeal to the company.
Meanwhile, Baghlan Zhumashbekov, the Head of the Regional Front Office of Turkistan Invest, revealed that three projects had been chosen. Although the exact number of joint ventures cannot be disclosed yet, businessmen from both countries are currently in negotiations. Most of the investment projects are related to light industry and leather production.
The trade turnover between the two nations reached $5bn last year. Experts are optimistic that by executing joint ventures effectively, this number can be doubled by 2025.
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