The document was adopted for further expanding and speeding up creation of modern high technologic production capacity at Navoi FIEZ on production of new types of competitive products with high value added cost, which meets international standards and demanded in global markets, as well as utilizing foreign direct investment.

According to the resolution, Uzkabel realizes investment project “Organization of production of power cables on the base of new joint venture created with JV OJSC Uzkabel at Navoi free industrial and economic zone” with the cost of US$20.455 million.

Within the project, Almalyk Mining and Metallurgy Combine (AGMK), Uzkabel and China’s Gulf Cable Trading Company created a joint venture Нayat Power Cable Systems LLC with the charter capital of US$18.8 million. The venture will produce power cables and self-carrying isolated wires with cross-linked polymer. The capacity of the venture is 10,000 km, of which at least 60% will be exported.

In line with the resolution, share of Gulf Cable Trading Company in the charter capital of Нayat Power Cable Systems makes up 50%, AGMK – 25% and Uzkabel – 25%.

The document said that Navoigrajdanproyekt is a general designer of the project, while Navoiifrezone” is a general contractor on construction of the object on “turn-key” basis.

Hayat Power Cable Systems ordered modern equipment for US$14.551 million, of which equipment for US$8.133 million were shipped to construction sight and other part for US$6.418 million is prepared for shipment.

The Government of Uzbekistan approved proposal of Uzeltehsanoat Association and Hayat Power Cable Systems on decreasing implementation of investment project by four months and complete construction-assembly and commissioning works by 30 November 2012.

The Government allowed Hayat Power Cable carry out construction works and designing works simultaneously till 1 September 2012.