Home / Knowledge / News / Textiles / Dutch textile firm to invest in Uzbekistan textile plant
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

Must ReadView All

Courtesy: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Courtesy: Authentic Brands Group

Apparel/Garments | On 17th Jan 2017

Teen retailer Aéropostale reopens 500 stores in US

Teen apparel retailer Aéropostale has reopened 500 stores in the US,...

Courtesy: Centric Software

Information Technology | On 17th Jan 2017

Centric releases version 6.0 of PLM solution

Centric Software, the leading PLM solution for fashion, retail,...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Steve Cole
Xerium Technologies

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Tony Ward
Tony Ward

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search