Textile factories commissioned in south Kazakhstan

Astana, Kazakhstan, Nov.20

By Daniyar Mukhtarov - Trend:

Baiterek National Managing Holding and its subsidiaries, Kazakhstan Investment Fund JSC and Development Bank of Kazakhstan JSC, together with akimat (regional executive) of South Kazakhstan district commissioned textile factories in Shymkent, said a statement of Baiterek holding.

"With the launch of Melange JSC and Utex JSC factories, yarn production capacity will reach 17.8 million metric tons per year, production capacity of finished fabrics - 8.4 million running meters a year," said the statement. "With the completion of construction and commissioning of Utex kz JSC plant 2016 year, yarn production capacity will reach 8.4 million metric tons per year, production capacity of finished fabrics - 10.6 million running meters a year."

The statement said that at present, the factory employs more than 400 people, and after three textile mills reach the full production capacity, over 2,000 people will be provided with jobs.

The statement said that 30 percent of products (bed linen, terry products and working clothes) will be directed to the domestic market of Kazakhstan. Some 70 percent of products (bed linen, terry products, carded, combed, carded and combed yarn, terry fabrics) will be exported to countries of Europe and China, the statement said.

Kazakhstan Temir Joly (the railway of Kazakhstan) signed long-term contracts for the purchase of finished products produced by Textiles.kz group of companies, namely, bed linen and working clothes, said the statement.

In 2012, the Utex JSC and Melange JSC textile factories, belonging to the group of Textiles.kz companies, were included in the post-crisis recovery program until 2020. The State Commission for Economic Modernization in May 2014 approved the transfer of rights for the obligations of Textiles.kz group of companies from Development Bank of Kazakhstan JSC to the Investment Fund of Kazakhstan JSC.

Investment Fund of Kazakhstan developed a plan for improvement of the textile enterprises, according to which the Capitallogistics LLP (100-percent subsidiary of Kazakhstan Investment Fund JSC) is committed to provide raw material and control of all stages of production. In turn, the Development Bank of Kazakhstan LLP has provided a credit line to the Capitallogistics LLP for the completion of the Utex kz JSC production complex and purchase of cotton for Melange JSC, Utex JSC and Utex kz JSC.

"Baiterek Holding, together with the Development Bank of Kazakhstan and Kazakhstan Investment Fund found the mechanism with which it becomes possible to restore production and realize their launch," the head of the Investment Fund of Kazakhstan Yerlan Aytaliev told reporters. "For the year's work, the Investment Fund of Kazakhstan returned assets and cash worth more than $15 billion KZT to the state, and one of our main tasks is to improve and revive the idle plants so that they can create jobs, pay taxes, thus bringing economic benefits to our country."

Utex JSC and Melange JSC textile factories, located in the city of Shymkent of the South Kazakhstan district and which are parts of the Textiles.kz group of companies, remained idle for several years. The main problem of the enterprises is the lack of working capital to purchase raw material and cover production costs. The global financial and economic crisis of 2008-2009 and the sharp fluctuations of prices for raw cotton on the world markets led to a default of Utex JSC and Melange JSC enterprises.

For any questions or feedback, follow the author on Twitter: @E_Kosolapova

Romania, Azerbaijan have untapped potential in bilateral trade relations - ministry
Romania, Azerbaijan have untapped potential in bilateral trade relations - ministry
Georgia reveals share of domestic exports
Georgia reveals share of domestic exports
Housing prices down in secondary market of Azerbaijan’s Baku
Housing prices down in secondary market of Azerbaijan’s Baku
Loading Bars
Latest
Romania, Azerbaijan have untapped potential in bilateral trade relations - ministry
JCPOA Joint Commission to convene on April 20
Zarif meets with Indonesian president
UK records lowest daily coronavirus death toll since September
Turkey holds 75 gigawatts of offshore wind energy potential
Tajikistan, Iran vow to expand mutually beneficial cooperation
Georgia reveals share of domestic exports
President Aliyev inquires on restoration work process in liberated lands
Interest rate unlikely to decrease in Azerbaijan – Unicapital company
New CEO of Azercell Telecom LLC appointed in Azerbaijan
Azerbaijan's Azeronline eyes to expand coverage to remote areas
Azerbaijan discloses volume of exported oil bitumen
Armenia delaying process of restoring communications - Azerbaijani MP
Azerbaijani people won't forget Armenian crimes, but country looking into future - MP
Azerbaijan, Turkic Council reach preliminary agreement on digital co-op (PHOTO)
Azerbaijan Insurers Association talks about current state of COVID-19 products
Housing prices down in secondary market of Azerbaijan’s Baku
Atrocities committed by Armenians have no analogues – journalist (VIDEO)
Azerbaijan’s Bank VTB ends 1Q2021 with net profit
Water and electricity facilities to be put into operation in Iran
Cars re-export sees significant decline in Georgia
Romania has good prospects for reboot of economic co-op with Azerbaijan
Azerbaijan announces 1Q2021 foreign trade turnover figures
Azerbaijani Bank BTB's total liabilities decrease in 1Q2021
Iranian parliament suspends holding plenary session
Azerbaijan shows footage from Ismayilbayli village of Aghdam district (PHOTO/VIDEO)
Visit of Israeli journalists to Azerbaijan’s Aghdam district ends (PHOTO)
Azerbaijan's 1Q2021 petrochemicals production value down
Iran's Energy Exchange announces products to be on sale on April 20
Nobel Oil Services further strengthens its Board of Directors
Lending to industry, manufacturing sector decreases in Azerbaijan
Georgia's car export to Azerbaijan down
Turkmenistan offers business opportunities for Swiss private sector in number of areas
Georgian TBC Bank sees increase in volume of non-performing loans
Shah Deniz to account for major part of 2021 gas output growth in Azerbaijan
Aggregate assets of Azerbaijan's Bank VTB down
Record mortgage taking in Israel in Q1
Israel Hayom newspaper reporter saddened by destroyed mosque in Azerbaijan's Aghdam
Iran's Parliament expects to finalize removal of zeros from national currency
Turkey's furniture, wood exports to Azerbaijan increase
Iran intends to increase exports – Deputy Minister
Iran’s Bahar Azadi gold coin price continues to fall
Iran provides permit to private companies to import COVID-19 vaccine
Kazakhstan's Tethys Petroleum completes private placement with Pope Investments II LLC
Кazakh national telecommunications operator opens tender to buy spares
WB offers Kazakhstan to switch sewage treatment system to market financing
SES connectivity solutions provider to develop satellite-enabled services in Kazakhstan
Belarusian Belavia Airlines extends suspension of flights to Turkmenistan
Gold mining enterprise's construction kicks off in Kazakh Zhambyl region
Azerbaijan gives update on number of vaccinated citizens
Azerbaijan confirms 995 more COVID-19 cases, 1,136 recoveries
Presentation of new equipment in Iran’s electricity sector to be held
‘Lift embargo on vaccine raw material exports’: SII’s Poonawalla requests US President Biden
Indian economy better placed to meet second Covid wave with vaccination drive: CEA
10 Democrats Ask Biden To Back India's Waiver Bid At WTO
‘Utilise entire national capacity for vaccine production’: PM Modi reviews Covid situation
FM: Hopeful of getting rest of vaccine doses from India as scheduled
Iran continues preferential trade talks with five countries
Facebook signs renewable energy deal in India
Iran’s natural gas consumption rises
Fiscal package may be on cards to maintain India's economic recovery amid Covid resurgence
JCPOA negotiations reach progress, Iran's MFA spokesman says
Pakistani FM to visit Iran
Kazakhstan increases some ores output
Iran welcomes dialogue with Saudi Arabia - MFA
Azerbaijani payment system expands fintech services for SME industry
Georgia increases oil import from Azerbaijan
Iran's FM stresses need to finalize preferential tariff agreement with Indonesia
Austria will only use Sputnik V vaccine after EMA approval
Iran's renewable power plants ready to attract foreign investments
Kazakhstan's trade turnover with Uzbekistan surges
Volume of trade turnover in Turkmenistan’s private sector increased
Georgia decreases gas import from Azerbaijan
Foreign trade turnover between Georgia and Azerbaijan declines
Russia detects 192 cases of UK coronavirus strain, 21 cases of South African strain
Azerbaijan discloses fixed capital receipts from foreign investments
Coca-Cola revenue rises past estimates on easing pandemic curbs
Kazakhstan boosts revenues from air cargo transportation
Azerbaijan's State Customs Committee eyes to use eTIR procedure on all transport routes
TRACECA Permanent Representative talks cargo traffic growth on Azerbaijani section
Azerbaijan sees decrease in unemployment
Sunflower imports down in Georgia
Azerbaijan reveals data on cargo shipment from Baku port
Azerbaijan discloses volume of receipts in fixed assets for Q1 2021
Kazakhstan boosts imports from Turkmenistan y-o-y
Turkmenbashi Oil Refineries extends tender for purchase of gasoline
Italian companies ready to make investments in Iran
Japanese NEXI, Azerbaijan's Economy Ministry sign co-op memorandum
Iran's top nuclear negotiator talks revival of JCPOA, following JCPOA talks
Iran waiting for Vienna talks outcome to get its gas, electricity debts from Iraq
Azerbaijan to purchase tractors from Belarus
Azerbaijan creates working group to prepare "Smart City" and "Smart Village" concept
Turkmenistan Airlines change concept of cargo transportation
Iran reveals COVID-19 data for April 19
Uzbekistan's chemical imports from Turkey grows
Iran's renewable energy power plants increasing production
Azerbaijan appoints new ambassadors to several countries
Turkmenistan's Balkan region opens tender for construction of new village
Georgia sees increase in electricity imports from Azerbaijan
Azerbaijani president signs order to recall ambassador to Spain and Andorra
All news