China State Machinery Industry Construction Group Inc. will help the Shino Tajikistan Kulyab Textile Industry Park raise $300 mn for processing cotton fibre in Tajikistan. The group’s Trade Manager Hu Sina led a delegation of Chinese businessmen to the country and met Minister of Economic Development and Trade Nematullo Hikmatullozoda in March first week.
The park is located in the new Kulyab free economic zone (FEZ). The resolution to establish the Kulyab FEZ was adopted by the Tajik Government in February end. Four FEZs operate at present in the republic. Investment in this enterprise is expected to be carried out in two stages. Financing during the first stage will be $130 mn, whereas it will be and $170 mn during the second, media in the Commonwealth of Independent States zone reported citing the press service of the Tajik Ministry of Economic Development and Trade.
The park will create 5,500 jobs and annual processing of cotton will be 35,000 tonne. China Machinery Industry Construction Group Inc. is the largest State Corporation for construction China. Until the middle of the 2000s, cotton was considered one of the two main exports of Tajikistan.