Hansae YES24 Group officials pose for a commemorative photo at the “Korea-Uzbekistan Business Forum” held at the Yeongbingwan of the Shilla Hotel in Seoul on the 15th. Provided by Hansae YES24 Group.
Hansae YES24 Group is moving to expand its business in Uzbekistan based on Hansae Mobility’s automotive parts operations. Hansae Mobility plans to invest a total of US$25 million (about KRW 34.5 billion) in the local market and hold a completion ceremony for its plant next month.
Hansae YES24 Group announced on the 17th that Vice Chairman Kim Seok-hwan of Hansae YES24 Holdings, Vice Chairman Kim Ik-hwan of Hansae Co., and President Sung Nak-kon of Hansae Mobility attended the “Korea-Uzbekistan Business Forum” held at the Yeongbingwan of the Shilla Hotel in Seoul on the 15th.
Government officials and business leaders from Korea and Uzbekistan participated in the forum to discuss Uzbekistan’s investment environment and ways to expand economic cooperation between the two countries.
The group is expanding its investment in Uzbekistan with its automotive parts subsidiary Hansae Mobility at the center. Hansae Mobility has been cooperating with local carmaker UzAuto Motors and has been preparing for the local production of key automotive parts since the end of last year, beginning mass production this month.
Hansae Mobility invested US$13 million (about KRW 17.9 billion) in Uzbekistan’s Fergana Region this year and plans to inject an additional US$12 million (about KRW 16.6 billion) next year. The total investment amounts to US$25 million (about KRW 34.5 billion).
On the 13th of next month, the company will hold a completion ceremony for its local plant in Fergana Region. Based on this plant, the company plans to expand local production of parts supplied to UzAuto.
Hansae YES24 Group is also reviewing the potential for local expansion in the fashion and cultural content sectors, starting with its automotive parts business.
The group plans to explore new business opportunities in Uzbekistan by leveraging Hansae Co.’s experience in apparel original design manufacturing (ODM), the cultural content of YES24 and Donga Publishing, and the fashion brands of Hansae MK.
Vice Chairman Kim Ik-hwan of Hansae Co. said, “Building on our investment in the automotive parts industry, we will also proceed with reviews to localize the group’s cultural content and fashion businesses,” adding, “We will contribute to expanding exchanges between the two countries by actively hiring Uzbekistani talent studying at Korean universities.”
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