Textile plants in Azerbaijan need investments
Baku, Azerbaijan, Feb. 15
By Matanat Nasibova – Trend:
Before starting construction of new textile plants in Azerbaijan, it may be necessary to invest in the modernization of the existing ones, Mehriban Akhundova, chairperson of the Azerbaijan Textile Products Manufacturers and Exporters Association, director of Gilan Textile Park, told Trend Feb. 15.
She said that major textile plants in Ganja, Sumgayit and other cities of Azerbaijan need to attract considerable funds.
“For example, the Ganja textile factory has old weaving machines with relatively low productivity, and there are problems with shortage of raw materials, etc.,” she noted. “The plant needs overhaul, and it operates not at full capacity. State loans at low rates for modernization of the plant might help. Unfortunately, the state doesn’t provide cotton yarn manufacturers with financial resources on preferential terms for now.”
She added that the textile plant located in Sumgayit also needs concessional financing.
"Unlike the Ganja textile factory, the Inter Textile plant in Sumgait is completely idle, and we need major investments for production modernization and repairs," she said.