Tukimachi Sanoat Textile LLC of Uzbekistan will invest 92.5 million manats (just over $54.4 million) to establish five enterprises in Azerbaijan, Report informs.
The agreement was signed in the Imishli district of Azerbaijan on July 12. Elchin Rzayev, the head of the Imishli District Executive Power, and Rahib Isayev, the head of TST Textile Group LLC (created by Tukimachi Sanoat Textile in Azerbaijan), are the signatories of the agreement.
The document outlines the long-term use of 5,826 hectares of agricultural land in the Imishli agricultural park, managed by the Economic Zone Development Agency of Azerbaijan under the Ministry of Economy, for the Uzbek company’s operations.
Initially, the company will invest 28.7 million manats (approximately $16.88 million) to build a cotton field. Subsequently, between 2025 and 2029, they plan to construct a cotton processing plant, spinning, weaving, sewing factories, and a cotton oil plant. The project aims to create 1,130 new jobs.
Additionally, the Azerbaijan-Uzbekistan Investment Fund is expected to contribute funds for the establishment of these enterprises, fostering cotton-related clustering in Azerbaijan based on Uzbekistan’s experience.