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Olim-Textile project commissioned
07
Apr '11
The opening ceremony of a new modern spinning mill was held in the suburbs of Khujand in the presence of Emomali Rakhmon, President of Tajikistan.

It is the Eurasian Development Bank (EBD)'s first investment project in this country. In 2009 the Bank provided a loan to build a modern spinning factory in Tajikistan capable of producing 5,000 tonnes of high quality cotton yarn annually. This project was implemented by Olim-Textile; the total project cost was $29.75 million with the Bank's commitment of $22.57 million. In his address at the opening ceremony Emomali Rakhmon highly evaluated the Bank's efforts and noted the efficient work of all the participants of the project, as well as their fruitful cooperation.

Kambar Shalgimbayev, Deputy Chairman of the Eurasian Development Bank Executive Board, said: “The project has significant positive effect on Tajikistan's economic growth by supporting agriculture and textile industry and increasing employment and production output in related industries”.

In parallel with that, the project promotes mutual trade between the Bank's member states: fine and medium cotton yarn will be supplied to Russian textile companies for manufacturing high quality jersey, terry and hosiery.

In Russia there is a trend for steady rise of cotton yarn import, principally due to traditional CIS suppliers such as Uzbekistan, and Turkey and India. In recent years there has been a strong demand for high grade yarn from Russian textile producers. The strategy of Olim-Textile envisages promotion of the company's fine and medium grade yarn in the Russian market and partial substitution of other countries' import.

The project's main competitive advantage is availability of high quality domestic raw materials at low costs: Tajikistan is the CIS' largest producer of fine-staple cotton. To this end, the supply of raw materials to the mill is guaranteed, as the project initiator owns raw material terminals.

Other competitive advantages are the low cost of electricity and labour in Tajikistan as compared to other cotton-exporting countries, and tax preferences: in accordance with the governmental resolution, the company is exempted from an income tax, VAT and customs duties on equipment and spare parts, VAT when selling finished products on the domestic market and VAT on export for 12 years.

The new mill is equipped to international standards and uses state-of-the-art technology; the equipment was supplied by Textima of Germany.

Eurasian Development Bank

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