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Yesim Tekstil to invest in textile project in Dagestan

28
Feb '12
Yesim Tekstil, a Bursa, Turkey-based integrated textile manufacturing company, will be investing in setting up a textile manufacturing plant in Dagestan, a federal subject of Russia, located in the North Caucasus region.

This was informed after a meeting between Magomedsalam Magomedov, the Head of Dagestan, and Shankai Shenol, Director General of Yesim Tekstil in Dagestani capital Makhachkala.

Mr. Shenol said both Turkey and Russia have cordial economic and social relations and the Turkish firms are interested in investing in Dagestan to enhance their production capacities.

He said the textile project to be set up by his company in Dagestan would be the largest ever investment project outside Turkey.

The Dagestan textile project will have a capacity to produce about 500 items for both domestic and foreign markets, the Director of Yesim Tekstil said.

The project, to be set up with an investment of US$ 350 million, will generate 4,500 new employment opportunities, he informed.

Mr. Magomedov gave assurance that Dagestan authorities will provide all necessary infrastructure support for setting up the textile plant. The government will also provide guarantees and subsidized interest rates, he said.

Fibre2fashion News Desk - India


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