Uzbekistan, Tashkent, March 30 / Trend D. Azizov /
Verigrow Pte Ltd company of Singapore has commissioned a silk spinning complex costing about $ 15 million in Namangan province of Uzbekistan, a representative of "Uzbeklegprom" State Joint Stock Company (SJSC), uniting light industry enterprises of the country.
As reported before, in June last year Verigrow Pte Ltd purchased for 8, 2 billion soms assets of "Vodiy Ipagi" ltd., that was the balance of the National Bank for Foreign Economic Activity of Uzbekistan.
According to the purchase contract, the investor will invest at least $ 10 million in cxreation of a modern "vertically integrated silk spinning complex" on the basis of "Vodiy Ipagi" ltd. in 2012 - 2016, including $5m illion during the first 3 years.
According to the representative of "Uzbeklegprom" SJSC, the production has already been started, and the complex will probably already reach its annual designed capacity of 240 thousand tons of raw silk and 2 million sq. meters of silk fabric by the end of 2013 (beginning of 2014 according to the previous estimate).
The Singapore company is also planning to create specialized mulberry plantations for growing silkworm cocoons. For this purpose the administration of Namangan province has assigned 200 acres.
The company is granted significant tax remissions and custom exemptions until 2020. Moreover, it is exempted from the mandatory sale of export revenues in foreign currencies.
"Vodiy Ipagi" was established in 2009 on the basis of two bankrupt companies - Atlas and "Silk Road" Uzbek-Japanese joint venture and was transferred to the balance of Uzbek National Bank for Foreign Economic Activity. Design capacity for the raw silk production enterprise was 20,000 tons per year.
The official exchange rate on March 30 - 2039.60 sum / $ 1.