A ceremony to sign a protocol of intent to construct a cement plant in [eastern] Andijon Region’s Buloqboshi District was held in Tashkent on 27 August. The protocol was concluded by the heads of the Uzbek private trade and production company Rivoj and the South Korean company CL LCD, Uzbek newspaper Narodnoye Slovo on 28 August reported.

Calculations show that the first stage - the construction and launch of the plant - will cost 10m dollars. However, the Korean businessmen are ready to invest 20m dollars in total to develop the cement business. It is planned to produce up to 1m tonnes of cement a year.

The meeting noted that the event was a significant step in expanding direct and mutually-beneficial contacts between Uzbek and South Korean businessmen in the attraction of direct foreign investment into our country’s economy. South Korea occupies a leading place among Uzbekistan’s trade partners and the first one among the states in the Asian and Pacific region. Cooperation in investment is expanding as well. Thus in 2006 alone, the number of companies with the participation of Korean capital increased by 33 per cent to 208, including 26 ones with a 100 per-cent of Korean capital.

Representatives from the CL LCD have already visited a place, where it was planned to build the plant. They noted great prospects for cooperation, especially, in the light of the fact that there was great demand for the Uzbek cement not only in the domestic but also in foreign markets. They also expressed gratitude to the Chamber of Commerce and Industry [of Uzbekistan] and the Uzstroymaterialy [Uzbek construction materials] joint-stock company for assisting in finding business partners.