Korea Minting and Security Printing Corporation-Uzbekistan, Expansion of Plate Ink Supply and Strengthening of Minting Technology Cooperation

President Jang Sik Ban of the Korea Minting and Security Printing Corporation (fourth from the left) visited Uzbekistan earlier this month to discuss expanding exports of plate ink. After the meeting, he took a commemorative photo with local officials from the Uzbekistan Minting and Security Printing Corporation, including President Bakhtiyor Dzhumayev (fifth from the left). Photo by Korea Minting and Security Printing Corporation

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Korea Minting and Security Printing Corporation announced on the 19th that it will expand the supply of intaglio ink to Uzbekistan (Uzbek).

The expansion of intaglio ink supply is being carried out at Uzbekistan's request.

Earlier this month, Ban Jang-sik, president of the Minting Corporation, visited Uzbekistan in person and met with Mr. Djumayev Bakhtiyor Djalilovich, president of the Uzbekistan Minting Corporation, to discuss cooperation plans in minting technology, including the expansion of intaglio ink exports.

Since last year, Uzbekistan has been issuing two new types of banknotes and changing the design of existing banknotes, during which it designated the Minting Corporation's intaglio ink as the standard ink.

On this occasion, the total amount of intaglio ink to be supplied by the Minting Corporation to Uzbekistan this year is expected to reach 55 tons across 9 types, with sales exceeding 2.6 billion KRW.

Uzbekistan is reported to not only supply banknotes domestically but also manufacture banknotes for other countries, raising expectations that the scale of the Minting Corporation's intaglio ink supply will increase in the future.

Mr. Bakhtiyor, president of the Uzbekistan Minting Corporation, also requested President Ban to support the Minting Corporation's technology and know-how in the fields of coins and electronic passports, in addition to expanding intaglio ink for banknote manufacturing.

Meanwhile, to secure a stable supply of cotton pulp, a raw material for banknote paper that had been entirely dependent on imports, the Minting Corporation established an overseas joint venture in Uzbekistan in 2010, 'GKD (Global KOMSCO Daewoo)', with a 65% stake held by the Minting Corporation and 35% by POSCO International.

GKD recorded sales of 21,003,000 USD and a net profit of 2,372,000 USD last year, continuing its eight consecutive years of profitability since 2014.

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