TST Group is poised to diversify its operations with the setting up of a subsidiary textile cluster in Azerbaijan, the press service of the Uztekstilsanoat said.
Negotiations between TST Group and officials of the Agency for Development of Economic Zones of Azerbaijan took place on Monday, during the visit of an Uzbek delegation led by Mirmukhsin Sultanov, the acting chief of Uztekstilprom. The parties discussed the realization of previously agreed-upon arrangements to provide a land plot near Imishli for textile cluster project.
The agreement reached between the parties provides expediting the land allocation in both the Imishli and Mingachevir areas. Estimated at $52 million, the project holds substantial promise for bolstering economic activity and fostering employment opportunities in the region.
The timeline for commencing construction of the textile cluster coincides with the anticipated visit of Azerbaijani President Ilham Aliyev to Uzbekistan.
In addition to the setting up of a textile cluster, discussions during the meeting also delved into plans for joint processing of Azerbaijani cotton, with the aim of exporting finished products to third countries.
