Russian company OTK Proizvodstvo recently agreed to invest an additional $50 million to build a third textile factory in Turakurgan district of Namangan region in Uzbekistan.
The Ivanovo-based company had earlier invested in the district to set up Runamteks, an enterprise that built two large textile factories with a total value of $40 million. This enterprise exports products worth $2-3 million every month now.
The proposed new project is expected to create 1,500 jobs and generate annual exports worth $35-40 million, a Uzbek media outlet reported.
A delegation from the Namangan region, led by head of the local executive authority (hokim) Shavkatjon Abdurazzakov, is on an official visit to Russia. The purpose is to expand cooperation, attract additional investments and increase the region’s export potential.
Abdurazzakov met OTK Proizvodstvo head Artur Arakelyan.
News Courtesy : Fibre2Fashion