Home / Knowledge / News / Textiles / Olim-Textile project commissioned
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

Must ReadView All

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Apparel/Garments | On 28th May 2017

Naked Brand, Bendon sign agreement to reorganise

Naked Brand Group, a fashion and lifestyle brand, and Bendon Limited, ...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search