Within the visit, the delegation held negotiations with the officials of Uzbekistan, management of National Bank of Uzbekistan for Foreign Economic Activity and visited an Uzbek-Singaporean textile venture Indorama Kokand Textile (Ferghana region).

The visit is directed at strengthening economic relations between Uzbekistan and Singapore. In line with the signed agreement between NBU and Indorama, the visit is aimed at creating favourable opportunity to develop long-term and wide-range relations, based on principles of equality, mutual benefit, mutual trust and respect.

In line with the presidential resolution “On measures on organization of modern textile production on the base of uncompleted property of Qoqand Textile Combine” from 6 May 2010 approved investment agreement and determined creation of joint venture with foreign investments with the charter capital of US$20 million.

On 19 May 2010, NBU and Indorama Industry PTE. LTD. signed agreement on creating joint venture Indorama Kokand Textile on the base of Qoqand Textile Combine.

In line with the signed investment agreement, Indorama Industry PTE. LTD. undertook obligation to invest US$55 million to the complex in 2010-2013, organize textile production with the capacities of 16,000-20,000 tonnes of cotton-fibre a year and create 450-550 new jobs.

Launch of Indorama Kokand Textile took place in August 2011 and the venture created 350 new jobs. The enterprise was equipment with modern technologies for over US$27 million.