Uzbekistan, Tashkent, May 23 / corr Trend D.Azizov /
South Korea's Textile Technologies Group will invest $50 million in establishing modern textile industry for refining cotton fibre in Tashkent region, Uzbekistan, in 2011 - 2012, the State joint-stock company Uzbekistan Light Industry told Trend Monday.
Earlier government took a decision to sell unfinished buildings and facilities from the adjacent territory in Yukori Chirchik district of Tashkent Region at a utilized cost of 683 million sums to Техtilе Technologies Group.
Техtilе Technologies Group is eligible to create in this territory a modern textile enterprise with full production cycle, whose refinery capacity is intended to reach 8,000 tons of cotton fibre a year.
Техtilе Technologies Group will invest $30 million in production in 2011 and $20 million in 2012. Funds will be spent on installation of technological equipment of the world leading producers.
Beginning from 2013, the enterprise is expected to output 6,000 tons of cotton yarns, 7.5 million square meters of finished fabric and 5 million ready-made garments a year. As much as 80 percent of the output is intended for export.
Under the program on textile industry development in Uzbekistan in 2010-2015, it is planned to implement over 100 projects with the total cost of $1.6 billion to increase the domestic cotton fibre refinery rate to 80 percent of the total production and expand the export potential of the country's textile industry by more than trice.
Official exchange rate on May 23 is 1,699.52 sum per $1.