Uzbekistan UK Will Set Up A Textile Joint Venture

According to the trade market report, the Uzbekistan UK joint venture TAGUS textile company, which invested 9 million 740 thousand US dollars, will be built in the Andijan area.

Uzbekyengilsanoat, the state owned enterprise, said that the founder of the joint venture was the TAGUS management service company of the United Kingdom.

Under the terms of the joint venture, the British company will invest 3 million 50 thousand US dollars in 5 years for the development of TAGUS textile company.

The company produces 3000 tons of combed cotton yarn and 1000 tons of knitted fabric every year.

Izboskan Shoyi Tukish silk factory, founded in 1982, is the largest silk factory in the region.

In early 2006, the government of Uzbekistan planned to sell shares of nearly 200 bankrupt textile enterprises, using these funds to upgrade factory equipment and help revive the domestic textile industry.

In 2006 and 2007, some foreign investors bought the assets of Uzbekistan textile enterprises with an investment of about 290 million US dollars.