The sides founded joint venture, Global Komsco-Daewoo, to carry out the project in Uzbekistan. Daewoo International Corp. holds 65% in the venture and Korea Minting & Security Printing Corp. – 35%.

The establishment of Global Komsco-Daewoo shows a collaboration of KOMSCO’s cotton pulp manufacturing technology and Daewoo International’s experience of running a local corporate body in Uzbekistan.

Global Komsco-Daewoo will begin operating its plant during the first half of next year after remodeling and making supplementary investments to the plant facilities. The plant will produce 20,000 tonnes of cotton pulp a year. Daewoo International will sell the products to diverse enterprises, including KOMSCO.

The company’s acquirement of the Uzbekistani cotton pulp plant is expected to secure stable supply of cotton pulp to Korea. Cotton pulp is used widely for making bills, checks and gift vouchers, plus as a main material for making secured bank papers, synthetic chemistry products and new material textiles.