“Spitamen Textiles” LLC will hire one hundred more workers intending to double its production of cotton yarn with investments from its newest partner from South Korea.
“Spitamen Textiles” LLC signed an investment cooperation agreement with the South Korean “Baoshan Tianfang Science and Technology LTD.”, which will allow the Tajik cotton yarn producer to double its production. The two textile moguls met each other and agreed to cooperate during the Istanbul Yarn Fair in February 2019.
The South Korean company is part of “Tianjin Tianfang Investment Holding Co Ltd”, a known manufacturer and distributor of textile materials. Mr. Akbar Khakimov, “Spitamen Textiles” Founder and Director General, says that their South Korean counterpart will provide the Tajik company with most modern yarn processing equipment. Mr. Mirzokodir Bakoev, “Spitamen Textiles” factory Director, estimates that the company yarn production capacity will increase from current 7,560 spindles to 14,000, and consequently exports are scheduled to increase two times. The South Korean partner will also provide the Tajik company with cotton fiber and will assist in finding clientele for the produced yarn. The completion of full cycle of the yarn processing till producing the ready garment is a joint plan of both partners in the future. The Tajik company has ready infrastructure to reach this aim, including factory building equipped with all engineering communications and trained professionals.
The new investments allow “Spitamen Textiles” to increase the number of workers from current 184 to 300 people, double the factory’s production capacity, and purchase yarn processing equipment aiming to diversify its product assortments. Currently, the South Korean specialists arrived in Spitamen to start preparedness works.
Mr. Bakoev says: “The international events, which we attend thanks to the Government of Switzerland and the ITC, are ideal platforms for our company to meet potential buyers and leading textile equipment producers and establish new contacts with the manufacturers and potential business partners. We are happy to have this exceptional opportunity to contribute in our government goals to implement the full cycle of cotton processing inside the country”.
To reach the aim of implementing the full cycle of cotton processing inside the country, the company will start producing of ready garment in nearest future. In Fayzobod, a garment producing factory building is already prepared and partially furnished with necessary sewing equipment. It is planned that this factory will employ local women.
Established in 2009, LLC “Spitamen Textiles” is one of the largest textile enterprises in Tajikistan with 100% local ownership. The company is equipped with modern Italian equipment and is capable to produce products that meet all the requirements of the international standard. The company mainly exports yarn to China, Turkey, and South Korea.