Tashkent, Uzbekistan (UzDaily.com) -- Chairman of the Uzcharmsanoat association Fakhriddin Boboev held a dialogue with representatives of the company from China “HL Technology”. The main topic of the meeting was the implementation of an investment project for the production of glue used in the leather, construction, furniture and automotive industries of our country.

At the beginning of the meeting, the Chinese company was informed about the reforms being implemented in various sectors of our country, in particular in the leather industry, as well as about its production, investment and export potential. A presentation was also made about the conditions created by the state, tax and customs benefits for foreign investors wishing to invest in our Uzbek leather industry.

HL Technology is located in Yixing, China. Mainly engaged in the production of glue, acupuncture glue, cotton, non-woven fabric, artificial fur, chemicals. The company includes a research center, a production plant and branches for the sale and marketing of products. The company’s annual production capacity is 10,000 tons. In Uzbekistan, it has established close cooperation ties with enterprises in Ferghana and Samarkand regions.

In the conversation, company manager Jun Shao noted that in recent years, the production potential in Uzbekistan has increased, the demand for our country’s products is high in the international market, and the practical support provided by the government increases the interest of Chinese investors to invest in our country.

“As a result of my research and observations, I became convinced that Uzbekistan is the leader in terms of industrial development in Central Asia. Your government has a clear strategy to attract foreign investment. The need for leather industry enterprises to localize raw materials shows that the industry’s prospects are high.

“That’s why I’m here. I intend to invest in a country that is reliable and does not lag behind in development,” said the head of the company, Jun Shao, in an interview.
During the negotiations, the HL Technology company put forward an initiative to implement a large investment project for the production of glue and formaldehyde raw materials necessary for the industrial sectors of Uzbekistan. The initial cost of the project is US$10 million.

It should be noted that in 2023, industrial enterprises of Uzbekistan imported adhesive raw materials from abroad worth US$31 million. As a result of the effective implementation of this project, at least 50 percent of the domestic market demand will be covered.

At the meeting, the investor was provided with complete information about the practical and organizational processes associated with the implementation of the investment project. An agreement was reached on the implementation of a new investment project and will be signed in China.