Turkmenistan launches sock factory to substitute imports

By bne IntelliNews February 15, 2016

Turkmen state-owned textile company Dokmakhyzmat has launched a sock production factory with an annual capacity of 2.5mn pairs of socks under the country’s import substitution programme, news website Turkmenistan.ru reported on February 14.

As a country primarily relying on exports of gas, Turkmenistan uses the textile industry, along with the cotton industry, to generate employment in the country, making textile industry development along with its branching sectors one of the priorities of the government’s programme for socioeconomic development of the country for 2012-2016. The country’s import substitution programme can be seen as part of the government’s ongoing efforts to uphold economic self-sufficiency.

The prices of Turkmen-made socks will be 50% cheaper than prices of imported socks in the country, according to the report.

During the Soviet Union, the country’s agriculture was almost entirely focused on cotton. The country ranked second after Uzbekistan in cotton production in the former Soviet Union. However, cotton production went on a relative decline after the fall of the Soviet Union, as the country had to replace cotton fields with wheat in order to achieve greater self-sufficiency in food products.

Turkmenistan's population stands at 6.2mn people, according to government figures.

Related Articles

Turkey-based Eurasian development bank ETDB signs memo to boost return to Iran

The Central Bank of Iran (CBI) and the Turkey-based ECO Trade and Development Bank (ETDB) have signed a memorandum on strengthening bilateral ties, the CBI said on October 10. ETDB is a Eurasian ... more

Putin’s first Turkmenistan visit in five years ends with mostly symbolic agreement

The presidents of Russia and Turkmenistan signed a "strategic partnership" agreement to reaffirm cooperation between their two countries as part of Vladimir Putin’s one-day ... more

India proposes gas pipeline at odds with Turkmen TAPI

India has proposed constructing a $4bn and 1,300 km-long undersea pipeline to supply natural gas from Iran, with the possibility of Turkmenistan participating in the ... more