Daewoo began working with Daewoo Unemployment in 1967 and played a leading role in economic development of Korea through export growth.
In 1982, Daewoo Industrial Co. Ltd. changed its name to Daewoo Corporation and became a trading company. In 2000, it was divided into Daewoo International Co. Ltd. and was launched as an independent corporation with international business, project management and resource development. Since then, the Corporation has achieved significant growth, with an average annual sales growth of 30%. In 2010, POSCO became a member of the Daewoo group. They changed its name to POSCO Daewoo in 2016. In 2017, they led the globalization of the POSCO group, merging with POSCO P&S Steel Business.
POSCO Daewoo uses 87 overseas networks around the world to work with a wide range of clients from home and abroad, including steel, automobiles, parts, machinery, electronics, non-ferrous metals, food, chemicals, materials for life and textile. In addition, POSCO Daewoo works as a project organizer, which plays a key role in promoting foreign projects, such as the EPC project, a private electricity business, as well as the export of equipment for industrial equipment and trade in three countries.
DEU International Corporation has three factories in Fergana region. In particular, a spinning factory in Tashlak district, a weaving factory in Akhunbabayev district, which were founded in 1997 and 1998, respectively. In 2006, another spinning mill with weaving production was acquired in the city of Fergana.
Now, after 20 years from the date of the first investments in the textile industry of the country, I believe that FE DEU Textile Fergana is the only foreign enterprise that witnessed the consistent improvement of the tax and customs systems of the republic.
Today, a favorable climate for investment activity is created in the country. The tax burden has been significantly reduced, VAT has been reimbursed to exporting enterprises in a timely manner, the principle of a single customs window has been introduced, some procedures (reporting, licensing and others) have been abolished, and bureaucratic methods that hinder activities of exporters have been reduced. In addition, the creation of free-economic and industrial zones in the country opened up new horizons for foreign investors.
The key success factors for doing business in Uzbekistan are a rich resource base; favorable geographical location; integrated into the network of land and air transport, logistics system; diversified industrial base and scientific-intellectual, personnel potential of the republic.
Success of the company in the republic is achieved due to three factors. First, a responsible approach to their work and high-tech equipment, which allowed to ensure the stability of production. Secondly, the driving factor is constant collaboration with the customer on finding solutions to improve production efficiency. In particular, the increase in productivity, reduction in the cost of finished products and improving its quality. The third and, perhaps, the most important aspect of successful development is the long-term experience and high qualification of the company’s specialists.