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Kyrgyzstan, South Korea to set up JV for cotton: Minister
08
Oct '13
Kyrgyzstan would be setting up a joint venture (JV) with South Korea to process cotton, announced Deputy Minister of Energy and Industry of the Kyrgyz Republic Saparbek Assanov, at the VII Cooperation Forum ‘Republic of Korea-Central Asia’, held in the capital city of Bishkek.
 
Mr. Assanov said the Kyrgyz Republic has made a proposal to South Korea for building a processing plant for raw materials in the south of Kyrgyzstan, reports Kyrgyz news agency 24. 
 
Whether the collaboration between the countries would be in terms of investment or other embodiments of cooperation, it has not yet been determined, he added.
 
Mr. Assanov said the construction of the processing plant is estimated to take three years, and the countries aim to revive the production of cotton and silk through the plant, which would be beneficial to the economies of both the nations.
 
According to the Deputy Minister, the textile and garment industry in the country is the driving force of Kyrgyz economy, however, the domestic light industry is weak, owing to the lack of enterprises for production and processing of raw materials.
 
Currently, cotton production Kyrgyzstan is about 100,000 tons per year, of which 25,000 tons is processed and exported, he added.
 

Fibre2fashion News Desk - India

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