Turkish company Cotam Enterprises Ltd. inked an agreement with the Ministry of Textile Industry of Turkmenistan to set up of a new textile complex in the country. Construction work of the complex will kick off from the next month.
The upcoming textile complex is expected to be operational by March 2021. It will be set up in Turkmenistanâ€™s Akhal Velayat (region) and will be equipped with modern textile manufacturing technologies.
The annual production capacity of the enterprise will be 3,650 tonnes of cotton yarn, 12 million square meters of high-quality fabric for sewing garments, including 10 million square meters of dyed fabric, and 1.2 million pieces of ready-made garments.
The contract also provides for the improvement of the adjacent territory, the training of specialists and the supply of spare parts for technological equipment at the expense of the company within two years after the commissioning of the textile complex.
Markedly, the setting up of a new textile complex in Turkmenistan is part of Governmentâ€™s plan to increase investment in the textile industry of the country to US $ 2 billion by 2020. The Government intends to upgrade the existing textile and garment manufacturing units and set up the new ones in order to strengthen the industry in Turkmenistan.
Over 20 textile firms with predominantly Turkish partners currently operate in the country.
Under the State Program for development of the textile industry for 2011-2020, by 2020 the government plans to increase investments in the textile industry to $2 billion. This will include both upgrading existing facilities and building new ones.
The addition of the new textile plant is anticipated to increase the annual export earnings of the country by US $ 350 million and enable the processing of around 230,000 tonnes of cotton per annum. It will also help increase the number of employees in the industry from almost 30,000 in 2013 to 36,000 in 2020.
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