BAKU, Azerbaijan, Jan. 10
By Fakhri Vakilov - Trend:
Enterprise for the production of yarn from rags with the participation of Chinese investors has been created in the Turakurgan district of Uzbekistan’s Namangan region, Trend reports citing the Uzbek media.
The event, organized on this occasion, was attended by representatives of the regional, district administrations, state and public organizations, as well as Chinese investors.
Last November, an investment agreement was reached with the Uzbek-Chinese HengBang Textile Central Asia company on the implementation of this project, according to which the foreign enterprise HengBang Textile Central Asia, located in the territory of the Namangan Free Economic Zone, will establish yarn production.
Unlike other textile enterprises, the new enterprise will produce yarn from rags, that is, from industrial waste from textile enterprises in Uzbekistan.
With the launch of this technologically unique project, which will be implemented with the participation of direct investment from China, over 1,200 new jobs will be created.
The enterprise with a total project cost of $30 million, which is expected to be launched in the third quarter of this year, will produce 40,000 tons of yarn per year, a significant part of the production is planned to be exported to the Russian market.
The project will open up export opportunities for $60 million per year. It is expected that the company will become one of the largest exporters of the region.
It should be noted that today 14 investment projects are being implemented with a total value of $513.7 million in the Namangan Free Economic Zone.
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