The foundation stone laying ceremony of the Hyundai-Namangan KD plant for commercial vehicles in the Turakurgan district of Namangan province on Saturday, UzA reported.
The ceremony preceded by the project agreement signing ceremony, during which the Namangan province governor Khairullo Bozorov, president of Hyundai Motor for commercial vehicles Li Yin, Posco Daewoo Automotive Department vice president, Li Sang Hoon and president of Evergreen Motors (official distributor of KIA and Hyundai in the CIS), Kim Chang Kyung inked the deal. In the vents were present the Ambassador of the Republic of Korea to Uzbekistan Kwon Yong-woo, First Deputy Chairman of the Uzbek Investments Committee Laziz Kudratov and Deputy Minister of Foreign Trade, Sahib Saifnazarov.
The plant is expected to be commissioned in September 2019. At the first stage, it is planned to produce up to 400 trucks, minibuses and buses, with a gradual increase up to 2500 cars, with over 50% of components to be manufactured locally.
The Memorandum of Understanding on the establishment of production of Hyundai cars was signed in November 2017 in Seoul during the visit of President Shavkat Mirziyoyev to the Republic of Korea.