South Korean TTG to invest $40 million by 2016 in textile industry of Uzbekistan

South Korean Textile Technologies Group (TTG) will invest $40 million in 2014-2015 in development of textile industry in Tashkent region, reported RIA Novosti referring to the State Joint Stock Company Uzbeklegprom.

The Korean company for two years will provide additional capacity to produce 7.5 million square meters of cotton fabrics and 5 million pieces of garments per year. Korean Eximbank will provide a loan to finance the modernization.

In 2011, the State Property Committee signed a contract with TTG on implementation of construction of buildings and structures in Bardankul village of Yukori-Chirchik district of Tashkent region. On the basis of the assets acquired, the Korean company in June this year commissioned a textile complex processing capacity of 8,000 tons of cotton fiber production and 6,000 tons of cotton yarn. Investments totaled to $70 million.

In 2011-2015 Uzbeklegprom plans to implement 106 projects in the textile industry worth $1.678 billion, which will process up to 70% of the cotton in the domestic market against present 40%.