The Uzbek company TST Group plans to create a subsidiary textile cluster in Azerbaijan, in which $52 million will be invested.
Report informs citing Uztekstilprom that one of the founders of the company held negotiations with representatives of the Agency for Development of Economic Zones of Azerbaijan as part of the visit of the Uzbek delegation led by the acting the head of Uztekstilprom Mirmukhsin Sultanov to Azerbaijan.
The main topic of the negotiations was the implementation of previously reached agreements on providing TST Group with a land plot near Imishli. The company plans to organize a textile cluster there.
The parties agreed to speed up the allocation of land for the project in the Imishli and Mingachevir regions.
The start of construction of the future cluster is planned for August 2024. Plans for joint processing of Azerbaijani cotton with export of products to third countries were also discussed at the meeting.
It should be noted that TST Group now includes two enterprises for the production, dyeing and printing of fabrics: the Tukimachi Sanoat Textile company, established in 2009, and Group Impex Textile in 2013.