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Economy
04/06/2009
Uzbek car plant to stick to development plans despite GM’s bankruptcy
Uzbek car plant to stick to development plans despite GM’s bankruptcy
Tashkent, Uzbekistan (UzDaily.com) --
The Uzbek-US joint venture GM Uzbekistan, 25% of which is owned by General Motors Daewoo and Technology (a subsidiary of the GM corporation), does not plan to adjust its development programmes in connection with GM’s bankruptcy, a source in the government circles has told Interfax.
The source said that the Uzbek side intended to adhere to GM Uzbekistan’s development programmes which were approved earlier, including implementing a programme to revamp car models and increasing the level of localizing production of car parts.
Most of investment projects are financed by the plant’s own funds and loans from local banks.
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