Olam International Ltd becomes leader for purchase of Turkmen cotton

Business Materials 26 November 2013 17:39 (UTC +04:00)

Ashgabat, Turkmenistan, Nov.26

By Huseyn Hasanov- Trend:

Olam International Ltd, which is headquartered in Singapore, is a leading purchaser of Turkmen cotton, a representative of the company said in an interview with "Neutral Turkmenistan" newspaper.

"The company has been registered in Turkmenistan since 2000. We buy and export cotton on the Turkmen market. Currently, our company holds a leading position in terms of the amount of purchases," Bayram Hummedov, the company's manager said.

According the company manager, initially, the volume of purchases was around 300-500 tons of cotton per year, and recently, this figure has significantly increased and has hit 50,000-60,000 tons per year. The company mainly exports cotton to Asia, mainly Turkey, Bangladesh, Indonesia, Thailand and China.

"The quality of the Turkmen cotton fiber has a decisive importance. All of our customers give it strong reviews. It is a first-class product and for all the time that we worked with this product we only heard enthusiastic opinions and we believe that \Turkmen cotton has a bright future. It will conquer more and more markets and can be a good base for a solid partnership," Hummedov said.

The newspaper material was dedicated to the international cotton fair that was held in Ashgabat on Nov.23-24. Cotton growing is the strategic field of Turkmenistan's agro-industrial complex, however, cotton is not only a raw product for the national textile industry, but also the most crucial export product.

Turkmenistan plans to further expand the geography of partnership ties in this sphere.

Exchange trades and negotiations between the exporters and consumers of the Turkmen "white gold" are regularly held in Ashgabat. Turkmenistan harvested over one million tons of cotton this year.

Traditionally, the country exports cotton to China, Russia, Great Britain, South Korea, Turkey, Iran, Indonesia,Singapore, Ukraine and the Baltic countries.

About 36 ginneries operate in the country under Turkmenpagta (Turkmencotton) state concern. Cotton is grown in four provinces of the country: Akhal, Mary, Lebap and Dashoguz.