Uzbekistan invests funds in Azerbaijan's textile industry

Uzbekistan's Tukımachı Sanoat Tekstıl LLC plans to invest 92.5 million manats ($54.4 million) to establish five enterprises in Azerbaijan.

The investment agreement was signed by Elchin Rzayev, Head of the Imishli District Executive Authority, and Rahib Isayev, Head of Tukımachı Sanoat Tekstıl's Azerbaijani subsidiary, TST Textile Group, Caliber.Az reports citing the local media.

The agreement includes the allocation of 5,826 hectares of agricultural land within an agricultural park in the Imishli district, managed by the Economic Zones Development Agency, for long-term use by the Uzbek company.

Initially, the company will invest 28.7 million manats ($16.9 million) in cotton farming and will construct a cotton processing plant, as well as spinning, weaving, and clothing factories, along with a cotton oil production facility. The cotton processing and oil production plants will be situated in the agricultural park, while the spinning, weaving, and clothing factories will be located in the Mingachevir Industrial Park, with construction planned between 2025 and 2029.