POSCO International will create a cotton cluster in Uzbekistan 120 times larger than Yeouido in Seoul.
The company’s chairman, Joo Si-bo, signed a cotton cluster business agreement with Governor Khayrullo Bozarov of the Fergana region at its Songdo headquarters in Incheon.
Uzbekistan is one of the top five cotton exporters in the world. The country encourages the development of cotton clusters, in which processing companies participate directly in the cultivation of cotton.
POSCO International will invest in upgrading facilities and building environmentally friendly production lines. She decided to build a cluster on an area of 5,000 ha in the Fergana region. It plans to expand the cultivation area to 35,000 ha by 2025.
Meanwhile, POSCO International has decided to donate US$500,000 (615.5 million won) in humanitarian aid to Ukrainian refugees. Donations will be given to the Red Cross in Ukraine and neighboring countries and will be used for local relief activities.
POSCO International operates a trading company in Kiev, the capital of Ukraine, and a grain terminal on the Black Sea coast. It engages in corn and wheat trade in the Middle East, North Africa and Asia through the 2.5 million ton grain terminal at the port of Mykolaiv on the Black Sea coast.