Home / Knowledge / News / Textiles / Azerbaijan pins hope on revival of cotton sector
Azerbaijan pins hope on revival of cotton sector
26
Sep '16
In the midst of economic problems, Azerbaijan president Ilham Aliyev has pinned hopes on revival of the cotton sector to bring the country's revenue back on track. Large decline in oil prices, cuts in public investment, currency depreciations, and the slowdown in trading partners' economies have all affected the economy of the former Soviet republic.
 
Stating that higher cotton yields were urgently needed to replenish Azerbaijan's greatly diminished state coffers, Aliyev has issued an order on government support to boost cotton-growing in the country.
 
As per the order, the government will give AZN 0.1 ($0.6) subsidy to cotton manufacturers for each kilogram of cotton sold to the processing enterprises. This subsidy would be available only for raw cotton produced in 2016 and sold to processing enterprises.
 
Further rules on giving subsidies would be decided by the Cabinet, Azerbaijani media reported.
“More than 200,000 tons of cotton will be produced next year… If all instructions are fulfilled and it should be, that in 2017 we will be able to produce 250,000 and even 300,000 tons of cotton,” Aliyev said at a meeting on the development of cotton production in Sabirabad region.
 
In 1970, cotton was sown on 190,000 hectares in Azerbaijan, which increased to 305,000 hectares in 1982. However, this area decreased to 18,700 hectares last year. This year the area has increased to 52,000 hectares.
 
The president hoped that the area under cotton would swell to 128,000 hectares next year, yielding at least 250,000 tons of cotton.
 
In addition to cotton subsidies, the government would invest around $100 million to build textile plants that can use raw cotton and wool and turn them into finished products. The investment would mainly be in the city of Ganja and the Mingachevir Region.
 
The increase in cotton production is expected to raise employment levels and facilitate the flow of foreign currency into the country, benefiting both people and the government. (RKS)
 

Fibre2Fashion News Desk – India


Must ReadView All

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search