The ceremony of laying the first brick of a large textile enterprise was held in Turakurgan district of Namangan region.

The ceremony of laying the first brick of a large textile enterprise was held in Turakurgan district of Namangan region. Representatives of regional and district khokimiyats, state and public organizations, as well as Chinese investors attended the event organized on this occasion.

An investment agreement was reached last year with HengBang Textile Central Asia on implementation of this project, according to which HengBang Textile Central Asia foreign enterprise, located on the territory of Namangan free economic zone, will set up production of yarn. Unlike other enterprises of textile industry, new enterprise will produce yarn from flaps, that is, from production waste of textile enterprises of the country.

More than 1200 new jobs will be created with launching of this unique project from a technological point of view, which will be implemented with participation of direct investment of the People's Republic of China.

The enterprise with a total project cost of 30 million USD, which is expected to be launched in the third quarter of this year, will produce 40 thousand tons of yarn per year, a significant part of production is planned to be exported to Russian market. The project will open up opportunities for exports of 60 million USD a year. It is expected that the company will become one of the major exporters of the region.

It should be noted that today in Namangan free economic zone, which occupies 680 hectares, 14 investment projects are being implemented with a total cost of 513.7 million USD.