On October 26, Sughd governor Rajabboy Ahmadzoda met in Khujand, the capital of Sughd province, with senior representatives of the Closed Joint-Stock Company (CJSC) Ismoili Somoni.
The Sughd regional administration press center says the parties discussed issues related to modernization of the Sughdtextile Limited Liability Company (LLC).
It was reportedly noted at the meeting that rehabilitation of this large industrial enterprise will allow creating 3,500 jobs at it. The enterprise is expected to be reintroduced into operation during a year.
“Modern German equipment will be installed at the enterprise and spinning, weaving and dyeing factories will be established that will allow processing cotton produced in Tajikistan into manufactured goods in the country,” a source within the Sughd regional administration told Asia-Plus in an interview.
According to him, Ismoili Somoni Holding Company will also invest in modernization of an oil-mill in the city of Konibodom.
Sughd governor reportedly expressed satisfaction with investors’ initiative and underlined the importance of use of utilizing unused production capacity.
Sughdtextile was established on the basis of the Tajik-Korean joint venture Kabool-Tajik-Textiles was the Tajik-Korean, which was founded in 1994. South Korea’s Kabool LTD assumed the 56% ownership interest in the enterprise and Tajik open-joint-stock company (OJSC) Abreshim (Silk) owned 44 percent of the shares. In October 2008, Abreshim sold its equity stake in the enterprise to Zarin Holding Limited at 500,000 U.S. dollars.
At its best times, Kabool-Tajik Textiles had accounted for 24 percent of the volume of industrial goods produced in northern Tajikistan. The company ceased its operations in 2015.
After a five-year interruption, the company resumed its operations in 2020 under the name of Sughdtextile LLC. However, it has been forced to suspended operations due to financial problems.
Established in 2022, CJSC Ismoili Somoni now groups one and a half dozen large manufacturing, financial and agricultural companies. The main direction of its operations is financing the work on growing raw cotton in Khatlon province.
