Minkend small hydroelectric power plant opened, foundation laid for a production enterprise
On September 26, a groundbreaking ceremony for a production enterprise under the "Textile Cluster" project of Textile Horizon LLC in the Mingachevir Industrial Park was held in an online format at the Baku Congress Center with the participation of President of the Republic of Azerbaijan Ilham Aliyev.
As AZERTAC reports, President Ilham Aliyev, Chairman of the Board of Azershakar LLC Nasib Islamzade and Chairman of Global Textile Group Muzaffar Razakov pressed a button symbolizing the laying of the foundation of the enterprise in an online format.
It should be noted that the founders of Textile Horizon LLC, which received resident status of the Mingachevir Industrial Park last year, are Azershakar LLC, Global Textile LLC and the Azerbaijani-Uzbek Investment Fund. The project envisages a full production cycle — from growing cotton to producing cotton fiber, yarn, fabric and finished textile products. The enterprise will enjoy all the tax and customs benefits granted to residents of the Mingachevir Industrial Park. The enterprise, covering an area of 11.2 hectares, plans to produce 16,000 tons of cotton fiber, 11,000 tons of yarn, 7,300 tons of dyed fabric and 11 million shirts per year. Along with supplies to the domestic market, exports of the products are also planned.
