Turkmenistan: A Velvet Factory is Opened in Akhal Province
October 24, 2008
On October 22, Thursday, in Ruhabat district of Akhal province, a new textile factory was officially opened. Turkmen President, Gurbanguly Berdimuhamedov, cut a symbolic green ribbon. He was also shown production facilities. Berdimuhamedov also announced his decision to donate 30 ambulances, 30 buses, and a few special cars for bread transportation to Akhal province. The factory provides job for 550 people. The expected capacity of the factory is one million meters of printed and painted silk velvet per year. This amount is said to be sufficient for export and domestic demand. This velvet factory is a project realized within the framework of intergovernmental agreements between Turkmenistan and the People's Republic of China. The total cost of the project is 28.75 million U.S. dollars. The Chinese side has provided 50 million Chinese yuans in the form of interest free credit and 40 million Chinese yuans in the form of grant for the factory design, supply and installation of equipment. The remaining 12.6 million U.S. dollars were provided by the oil and gas complex of Turkmenistan. The factory was built by Turkish company "5M Inşaat Tekstil Ithalat Sanayi Ticaret LTD Sti". The equipment for the factory was supplied by Chinese company "Jum Shui".
Source: Rasul Osmonov
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