Turkey-Azerbaijan Turkish firms plan to spend $50 million to construct textile factories in the liberated territory of Azerbaijan according to the TÜMKİAD (Turkish Association of Business People and Entrepreneurs).
Between the TÜMKIAD and the Azerbaijan National Confederation of Entrepreneurs, an MoU on Production of Textile Fabrics is signed.
In its support program for Azerbaijan in that direction, TUMKIAD stressed that manufacturing plant building and textile factories should be envisaged as a priority. TÜMK TREAD is still interested in several fields so it is expected to concentrate on the textile industry at the initial stage.
Prior to that, the President of Azerbaijan had announced that companies from friendly countries would participate in the restoration work in liberated territories. There will be large-scale building work, but Azerbaijani firms will participate in this work first.
The Government of Azerbaijan allocated 1.3 billion dollars in 2021 for the rebuilding of liberated territories. This funds are to be used to rebuild facilities and landmarks of culture and history.
