Tashkent, Uzbekistan (UzDaily.com) -- Deputy khokim of Ferghana region M. Abdurakhmonov held online negotiations with the president of the South Korean company "Daedong Industrial Co., Ltd." Lee Song Tae. The videoconference between the parties was organized by the Embassy of Uzbekistan in Seoul, Dunyo news agency reported.

The meeting was also attended by the responsible leaders of the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan and the Khokimiyat of Ferghana region.

During the negotiations, the South Korean side announced that Daedong Industrial Co., Ltd. made a fundamental decision to begin a detailed study of the possibility of establishing joint production of agricultural machinery in Ferghana region. In this context, they noted the interest in entering the CIS market by establishing production in Uzbekistan, phased localization of parts and components, creating new jobs and developing personnel for this industry.

The head of the Korean company proposed to start the implementation of the project in Ferghana region with the localization of the power cultivator, which is the main technique of small and medium-sized farms in South Korea. At the same time, the importance of the stage-by-stage preparation of documents necessary for the implementation of the project was emphasized, such as a feasibility study, an investment agreement, as well as agreeing on the conditions for creating a joint venture.

During the negotiations, the specialists of the Daedong Industrial Co., Ltd. presented a questionnaire on the preparation for the implementation of the project in Ferghana region and requested to provide relevant information to start practical work.

As a result of the discussions, the parties reached an agreement on the creation of a joint working group, as well as holding regular negotiations in the format of videoconferencing at the end of August to discuss information prepared on the basis of the questionnaire of the Korean side.