Success Stories
Uzbekistan

Success is Music to the Ears of Sayqal and the Disabled Population It Serves

An enterprise serving the disabled population of Uzbekistan worked with EDP to develop new sales channels. As a result, it entered into a joint venture and increased sales by nearly 50 percent.

Success is Music to the Ears of Sayqal and the Disabled Population It Serves Sayqal is an enterprise devoted to serving the disabled population of Uzbekistan through the production of high-quality medical accessories for the handicapped. An extremely active client in the Ferghana portfolio, Sayqal has taken advantage of most EDC products. Its proactive attitude is the root of its success.

With the help of the Ferghana EDC both in analysis and planning, Sayqal has developed new sales channels (including participation in trade fairs) to reach final customers, which enabled it to repay $24,000 worth of liabilities to creditors. In addition, Sayqal liquidated inventory that had been stocked for two years, generating $70,000 of revenue and $15,000 in profit. Overall, the company’s sales in 2005 increased by nearly 50 percent over 2004.

Flush with profit, the company invested in itself and diversified away from the core wheelchair business and into the hearing aid business. The first batch consisted of 200 Estonian hearing aids, generating a profit of $7,000. Looking to go further, Sayqal worked with Senior Relationship Manager Muminjon Isamiddinov to explore the market, locate a partner, and broker a deal.

The result was a joint venture – a $150,000 agreement between Sayqal, the Ministry of Labor and Protection, and the German company Audifon. The new venture will open two new centers in Tashkent, Uzbekistan, and create 15 new jobs. The venture is expected to serve 3000 disabled Uzbeks and generate $750,000 per year.

Back to Success Stories