Russian Company to Invest US$50 Million in Construction of New Textile Factory in Namangan Region

Tashkent, Uzbekistan (UzDaily.com) — A delegation from the Namangan region, led by hokim Shavkatjon Abdurazzakov, is on an official visit to the Russian Federation.

The purpose of the trip is to expand international cooperation, attract additional investments to the region, and increase its export potential.

Today, Namangan region hokim Shavkatjon Abdurazzakov met with Artur Arakelyan, head of the Ivanovo-based company OTK Proizvodstvo.

For reference: the investor has already implemented a project in Turakurgan district of Namangan region by establishing the foreign enterprise Runamteks, which launched two large textile factories with a total value of US$40 million. The company currently exports products worth US$2–3 million per month.

During the negotiations, the parties agreed to invest an additional US$50 million in foreign direct investment to build a third major textile factory in Turakurgan district.

The project is expected to create 1,500 new jobs and generate annual exports worth US$35–40 million.

The official visit of the Namangan region delegation to the Russian Federation continues.