Nergiz, the Turkish textile company engaged in manufacturing of yarns and fabrics, will be investing US$ 500 million to set up a production unit in the Republic of Dagestan, one of the 83 federal subjects of Russia.
This was disclosed after a meeting between Javid Caglar, the Chairman of the Board of Directors of Nergiz, and Magomedsalam Magomedov, Head of the Republic of Dagestan.
The first phase of the project to set up a textile manufacturing unit is expected to generate around 5000 new employment opportunities in Dagestan.
The Dagestan Head assured the Turkish company that his administration will provide all necessary assistance for setting up the textile unit, as it will benefit Dagestan's economy.
Mr. Caglar said the availability of raw materials at affordable prices and developed transportation system are the factors that attract attention of investors and give business advantage to Dagestan.
Fibre2fashion News Desk - India