The Astrakhan region in Southern European Russia would be launching a new project worth 3 billion rubles to grow cotton in the region.
Under the project cotton cultivation would be initiated in the Limanowska region of Astrakhan on an area of 120,000 hectares, and further processing of raw cotton with subsequent production of cotton fiber, reports RIA Novosti.
The project initiated by the Astrakhan Cotton Company is estimated at 3 billion rubles and would provide the country with 250,000 tons of cotton per year.
Gennady Gorbunov, chairman of Agricultural Committee of the Federation Council, said the project would help in overcoming the shortage of raw materials for the domestic textile industries in Russia.
The project is being launched in Astrakhan as experts of the Central Research Institute of Russia had earlier conducted a study which revealed that the region is ideal for production of cotton, he added.
Mr. Gorbunov also emphasized the fact that Astrakhan cotton project would be beneficial to the national economy as Russia spends millions of dollars on purchase of cotton.
In 2012, Russia imported 90,000 tons of cotton.