TURKMENISTAN TO INVEST $ 1 BILLION in textiles
Turkmenistan, was praised United States#39; use of child labor in the cotton fields, plans to invest more than $ 1 billion in export-oriented textile industry, said a member of the government. Thus, a country with a predominantly Muslim 5.5 million people in the world and the fourth largest natural gas reserves hopes to diversify its energy export-based economy.
`In the approved program of development of the textile industry for the period 2012-2016 is provided to master more than $ 1,056 bn of investments#39;, - said at an investment forum textile industry minister Saparmurat Batyrov. According to him, the government is considering foreign loans.
Life President of Turkmenistan Saparmurat Niyazov until his sudden death in 2006 banned the use of child labor in agriculture and sent to prison some leaders that sent students to pick cotton.
After that, the West has opened its market for Turkmen textile products: clothing with the label `Made in Turkmenistan` applies, in particular, in the shops the world#39;s largest retail chain, the American Wal-Mart. The U.S. State Department#39;s annual report on human rights in 2011 noted that the Government of Turkmenistan `effective execution section of the labor code banning child labor #39;.
Turkmen minister said potential investors from Japan, the West and the Middle East, which is waiting for their capital Ashgabat.
`The industry faces big challenges to further attract foreign investment, the introduction of new textile enterprises#39; - said Batyrov.
According to him, over 20 years of independence in the construction of new and reconstruction of existing textile enterprises in Turkmenistan was sent to more than $ 1.3 billion, of which the share of foreign investment accounted for 18 percent, or $ 300 million.
`It is possible to increase the processing capacity of locally produced cotton from three to 51 per cent #39;- said Batyrov.
According to the Liverpool Cotton Exchange, Turkmenistan is one of the world#39;s seven largest cotton producers.
`Bank of Japan may provide financial support for the program of industrial diversification and development of the infrastructure of Turkmenistan, with the involvement of Japanese companies#39;, - said the representative of the forum on the Japan Bank for International Cooperation Hiroshi Iwao.
