India’s Rimtex Industries plans to launch production in Uzbekistan

India’s Rimtex Industries plans to launch production in Uzbekistan

The State Investment Committee of the Republic of Uzbekistan hosted a meeting with a delegation of the Indian company Rimtex Industries.
Issues of implementation of the project on organization of production of technological cans and wear parts for spinning equipment were discussed at the meeting. Representatives of Rimtex Industries noted that the company plans to start production in 2019 and Tashkent region is determined as a preliminary place of the project implementation.
According to the State Investment Committee, the company’s plans include foreign direct investment, in the first stage – in the amount of 2.6 million USD, with creation of 65 jobs, including 60 local specialists and 5 Indian engineers and managers.
In order to optimize the cost of production, the project is planned to be implemented jointly with the Turkey’s company Temsan.
Currently, the technological equipment is being selected and the project’s business plan is being completed. According to the investor, construction and installation work will start in the second quarter of 2019 with provision of commissioning of the project no later than 2019.
During the negotiations, experts of the State Investment Committee provided information on the possibilities of organizing business in Uzbekistan, and provided information on tax incentives.
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