Singaporean company invests US$10,000 in Uzbekistan textile enterprise

According to information announced by the State-owned Assets Committee of Uzbekistan, in early July 2010, Singapore Indorama Industry Company purchased the discontinued Kokand Textile Joint Enterprise in Fergana Prefecture, Uzbekistan, at zero cost. At the same time, Indorama Industry Company promises to invest US$55 million in corporate transformation in the next four years, so that the joint enterprise’s lint processing capacity will reach 20,000 tons/year by 2013, and the annual export value of its products will reach approximately US$30 million.
Since 2006, the Uzbek government began to sell discontinued or bankrupt textile companies to foreign companies. By the end of 2009, companies from China, India, South Korea and other countries had acquired textile companies in Uzbekistan for a total amount of US$280 million.