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New port may boost Turkmenistan's textile exports
Aug '13
The Central Asian country of Turkmenistan has announced plans to build a new port on the Caspian Sea, by investing US$ 2 billion, which is expected to boost the exports of textiles from the country. 
The new port would be built by Turkish construction firm Gap Insaat in the western town of Turkmenbashi, in Turkmenistan, and is expected to be completed and ready within four years, according to a Reuters report. 
The project was launched by the President of Turkmenistan, Kurbanguly Berdymukhamedov and Turkish Prime Minister, Tayyip Erdogan in a ceremony held in Turkmenbashi.
Turkmenistan, a neighbouring country of Iran and Afghanistan, is one of the major producers of cotton.
The country is expecting to harvest around 1.05 million tons of cotton this season from an area of 550,000 hectares, mainly in Mary and Akhal provinces.
Exceeding the Government’s estimates by 11 percent, in 2012 the country reaped 1.235 million tons of cotton.
According to the Turkmen Government data, annual freight turnover at the new port is expected to grow to 25 million tons by 2020 compared to the current turnover of 10 million tons

Fibre2fashion News Desk - India

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