Tashkent, Uzbekistan (UzDaily.com) -- On 3 November 2020, within the framework of the International Week of Innovative Ideas INNOWEEK-2020, the Ministry of Innovative Development signed memorandums of understanding with investors from Turkey, India and South Korea for a total of US$230.6 million.

In particular, the Ministry of Innovative Development of the Republic of Uzbekistan and the Turkish company "JFC ENERJI YATIRIM SANAYI ve TICARET A.S." signed a memorandum of understanding in the amount of US$229.6 million.

The company specializes in the development of food, cosmetics, textiles, construction products by processing industrial hemp seeds. It is known that technical cannabis is one of the fastest growing crops; the yield of cellulose per hectare is 4 times higher than that of cotton. The plant uses relatively fewer agricultural chemicals and requires less water. Removing toxins from the soil helps to cleanse the environment from pollution. Industrial cannabis reaches 2-3 meters in 110 days and can be harvested several times in one season.

A Memorandum of Understanding between the Ministry of Innovative Development and TOV Clean Co Ltd (South Korea) in the amount of US$1.0 million is aimed at the production of environmentally friendly household chemicals using innovative technologies.

Also, a memorandum of understanding was signed between the Ministry of Innovative Development and Zen Technologies Limited (India), as well as Take The Wind (Portugal) on the transfer of technology and intellectual property.

Agreements were reached with investors on technology transfer, exchange of knowledge and experience, implementation of joint innovation projects, organization of joint competitions for startups and innovation projects. An agreement was also reached on active cooperation in financing research projects, venture financing of innovative activities and other areas.

By the end of the week, it is planned to sign additional investment agreements and memorandums.