Chinese company Raising Sun Technology Co. Ltd. plans to invest more than $200mn in the construction of a dye production facility for materials in Uzbekistan’s Namangan region, according to the regional administration.
The project was discussed during a meeting between Namangan regional governor Shavkatjon Abdurazzakov and representatives of Raising Sun Technology led by CEO Mao Bu Xie. The Chust district section of the Namangan Free Economic Zone has been proposed as the location for the new production facility.
The project is expected to be implemented in three phases, with total investment exceeding $200mn. The first phase will involve $85mn in investment and is expected to create 500 new jobs.
According to the regional administration, the facility will be constructed taking environmental requirements into account. Once the project reaches full operation, Raising Sun Technology intends to create more than 500 jobs in the region.
Earlier Daryo reported that, Uzbekistan and China are seeking to raise bilateral trade to $30bn in the coming years while broadening cooperation in investment, industry, energy, transport, mining and technology following talks between Presidents Shavkat Mirziyoyev and Xi Jinping in Bishkek.
