Turkmenistan interested in cooperating with Singapore in textile industry
Ashgabat, Turkmenistan, Aug. 26
By Huseyn Hasanov – Trend:
Turkmenistan is interested in increasing the export capabilities of the textile industry and in establishing partnerships with Asian companies, including Singaporean companies, Trend reports referring to the Turkmen Dovlet Habarlary (TDH) state news agency.
The matter was discussed at a joint business forum in Singapore. During the discussion of the possibilities of carrying out joint projects in the textile industry, emphasis was put on the significant export and investment potential of this industrial segment, TDH notes.
According to official statistics, about $2 billion have been invested over the years of Turkmenistan’s independence in the construction of new factories and the reconstruction of existing ones. Meanwhile, the growth in production in the textile industry for 2015-2019 amounted to 142.7 percent, which led to a rise in its profitability level during this period from 6 to 18.7 percent.
The growth rate for the volumes of products shipped over the past five years stood at 122.1 percent. As noted, over 30 investment projects have been implemented in the textile industry of Turkmenistan over the years of independence. More than 70 enterprises operate in the industry, including textile complexes, cotton spinning, weaving, sewing, silk-winding, carpet and shoe factories, as well as factories for the primary processing of leather and wool. About 70 percent of local textiles are exported to the CIS states, Europe and Asia.
The TDH reported earlier that a memorandum of understanding was concluded between the Turkmen Ministry of Textile Industry and Singapore’s Indorama Corporation Pte Ltd.
Turkmenistan grows more than one million tons of cotton annually, which is a highly demanded raw material for the country’s rapidly developing textile industry. A significant part of the products exported from Turkmenistan consist of home textiles, sportswear and jeans, released under world famous brands such as IKEA, Puma, Wal-Mart, Lidl, Bershka, Pull&Bear, River Island, and Costco.