Hansae Mobility increases commitment in Uzbekistan
Hansae Vice Chairman Kim Ik-whan, back row fifth from left, poses with Korean Prime Minister Han Seong-sook, front row fifth from left, and Uzbekistan President Shavkat Mirziyoyev, front row fifth from right, during a Korea-Uzbekistan business forum at the Shilla Seoul hotel, Tuesday. Courtesy of Hansae Yes24 Holdings
Senior executives from Hansae Yes24 Group attended a Korea-Uzbekistan business forum in Seoul as the conglomerate moves to expand investment and localize operations in Uzbekistan, the group said Thursday.
Hansae Yes24 Holdings Vice Chairman Kim Suk-hwan, Hansae Vice Chairman Kim Ik-whan and Hansae Mobility CEO Sung Nag-gon joined the forum at the Shilla Seoul hotel on Tuesday.
The event, jointly hosted by Uzbekistan President Shavkat Mirziyoyev and Korean Prime Minister Han Seong-sook, brought together government officials and business leaders from the two countries to discuss Uzbekistan’s investment environment and ways to broaden strategic economic cooperation.
Hansae Mobility, one of the group’s future growth engines, has worked with Uzbekistan automaker UzAuto Motors since its early stages. The Korean company began localizing production of key automotive components late last year and started full-scale mass production this month.
An artist impression of Hansae Mobility's auto parts manufacturing plant in Quvasoy, Fergana Province, Uzbekistan / Courtesy of Hansae Mobility
Hansae Mobility plans to invest a total of $25 million in Fergana Province. It has invested $13 million in the first phase this year and plans to add $12 million in the second phase next year.
The company will host a plant completion ceremony in Fergana next month, inviting Uzbekistan government officials and business partners. Hansae Mobility said the investment is expected to strengthen its role as a key local parts supplier for UzAuto Motors and support the competitiveness of Uzbekistan’s auto parts industry.
Building on the mobility investment, Hansae Yes24 Group said it is also considering potential expansion into Uzbekistan by other core affiliates. The group’s core affiliates include Hansae, a global fashion original design manufacturer founded in 1972; Yes24 and Dong-A Publishing, which operate in cultural content; and Hansae MK, a fashion brand operator.
“The auto parts investment will serve as a foundation for reviewing localization of the group’s cultural content and fashion businesses,” the Hansae vice chairman said. “We will recruit talented students from Uzbekistan studying at Korean universities and broaden people-to-people exchanges and contribute to economic development in both countries.”