The Government of Uzbekistan adopted a resolution “On creation of the joint venture on production of stamped/welded automobile parts for new car models of General Motors Uzbekistan”.

The document was adopted at further sustainable developing automobile industry of Uzbekistan, creating modern high-technologic capacities on production of stamped/welded automobile parts for new car models, produced in Uzbekistan.

In line with the agreement, the sides will create a joint venture in form of LLC limited liability company – UZSUNGWOO. The charter capital of the company will be equal to US$2 million and each side will own 50% stake.

The resolution said that the founders of UZSUNGWOO are planning to increase charter capital of UZSUNGWOO to US$14 million, keeping their share in charter capital.

UZSUNGWOO will be placed at the territory of Ferghana Mechanic Plan with total area of 6.6 hectares, which will be allocated to construction of production capacities of the new venture.

In line with the resolution, Uzogirsanoatloyiha was selected as general developer of pre-project and design estimates of the production capacities of the venture, while Andijan-tamirqurilish is general construction contractor.