BAKU, Azerbaijan, December 28
By Amina Nazarli - Trend:
Cotton spinning factory in Turkmenistan’s Lebap region increased production of cotton yarn by 1,5 times, Trend reports via Business of Turkmenistan.
According to the report, this figure exceeded 4,900 tons, up by 700 tons compared to the same period last year.
The factory's products are in high demand in both domestic and foreign markets. The factory produces yarns NM-34/1, NM-20/1, NM-17/1, NM-14/1 and NM-27/1. The cotton yarn is exported to Iran, Armenia, Poland, Russia, and Turkey.
During the reporting period, sales revenue totaled more than 50 million manats ($14.3 million).
The Cotton Spinning Factory named after Great Saparmurat Turkmenbashi was established in 2004 under the supervision of Turkmenistan's Ministry of Textile Industry.
Turkmenistan plans to allocate more than $300 million for the implementation of more than 30 projects in the textile industry by 2025.
As a result of these investments, the production of marketable items in Turkmenistan is predicted to expand by 1.2 times during the next few years as a result. Furthermore, the implementation of these measures will enable Turkmenistan's textile industry to carry out continuous technical and technological re-equipment of existing high-tech industries as well as the construction of new high-tech businesses.
Large investments will be made not only to expand existing capacity but also to establish more than 10 new sectors based on existing firms that will use modern technology to produce environmentally friendly products.
Turkmenistan has invested around $2 billion in the development of new industries and the renovation of old ones during its independence years.
In total, over the years of independence, Turkmenistan has invested about $ 2 billion in the construction of new factories and the reconstruction of existing ones. More than thirty investment projects were implemented, as a result of which dozens of modern enterprises equipped with advanced equipment were put into operation.