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Dutch textile firm to invest in Uzbekistan textile plant
26
Nov '14
LT Textile Cooperatief UA, a Dutch textile firm, is set to invest US$ 55 million in 2015-2016 to create modern textile capacities in Karshi district of Kashkadarya region, in Uzbekistan.

The Government of Uzbekistan has approved the investment agreement between the Ministry of Foreign Economic Relations, Investment and Trade of Uzbekistan and LT Textile Cooperatief UA to provide specific obligations to the foreign investor for the modern high-textile production project, and has provided 30 hectares of land in Karshi.

Out of the $55 million investment, $17 million will be of the own resources of the Dutch company and $38 million would be taken as loans from foreign banks, without guarantee of the Government of Uzbekistan.

The Dutch company is set to organize textile production, and equip it with modern and high technology as well as energy saving equipment in Uzbekistan. It is also planning to create a service centre to provide maintenance services to textile equipment.

The company created by LT Textile Cooperatief UA, will get benefits, namely, exemption from taxes on corporate income, property, development of social infrastructure, single tax payment for micro and small enterprises, as well as mandatory contributions to the Republican Road Fund and others until January 1, 2022.

According to the agreement, the production is expected to begin in November 2016 and at least 80 per cent of output will be exported. The project is expected to create about 700 new jobs. In the first quarter of 2017, the new textile plant will reach its designed capacity of processing 20,000 tonnes of cotton fibre and produce 15,000 tonnes of cotton and mixed yarn a year. (GK)

Fibre2fashion News Desk - India

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