This was announced by the First Deputy Prime Minister and Finance Minister Rustam Azimov at the international conference “The Concept of Further Deepening of Democratic Reforms and Forming of Civil Society”.

Uzavtosanoat and General Motors signed an agreement on creation of GM Powertrain Uzbekistan with charter capital of US$100 million in late 2008. General Motors holds 52% in the enterprise and Uzavtosanoat possesses 48%.

The joint venture will produce engines with volume of 1.2 and 1.5 litters. GM Powertrain Uzbekistan will be located in Zangiata district of Tashkent region and it will produce 225,000 engines a year.

According to the programme on priorities of industry development of Uzbekistan for 2011-2015, the plant will produce to 124,000 engines in 2012, 142,000 units in 2013, 205,000 units in 2014. In 2015, the production volume of the venture will reach 281,400 units.

In line with the programme, total cost of the project is US$521.8 million, of which US$298 million – own resources, US$14.9 million – resources of the Fund for Reconstruction and Develoipment of Uzbekistan, US$156.9 million – loans of commercial banks and US$52 million – foreign investments and credits.

GM Powertrain Uzbekistan will supply major part of its products to GM Uzbekistan, an Uzbek-US carmaker. The part of engines will be exported.

Rustam Azimov said that it is planned that GM Powertrain Uzbekistan will export its products to Russia, India and Brazil.