Investment Support and Promotion Agency of Turkey (ISPAT) informed that a Chinese textile producer Texhong plans to invest USD 70 million in a yarn production plant in Balikesir province in Western Turkey.
"The Chinese company chose Balikesir as an investment location for its logistic and strategic advantages," according to Mustafa Gundogan, Secretary General of the South Marmara Development Agency, the regional investment office for Balikesir and Canakkale provinces.
"The yarn manufacturing facility will cost USD 70 million and is scheduled to commence production within a year," said Gundogan, adding that the project will enable the Chinese firm to reach European markets via Turkey.
The first Chinese company investing in Balikesir province in the country's well-developed Marmara region, Texhong will provide employment for at least 500 people.
Texhong Textile Group Limited (HK 2678) was founded in 1997 by Mr. Hong Tianzhu. The Group is principally engaged in the production and distribution of quality yarn, grey fabrics and garment fabrics, especially of high value-added core-spun yarn and fashion cotton textiles. Now it is one of the largest core cotton textile suppliers in the world and is a leading textile enterprise with focus on manufacturing high value-added core-spun cotton textile products.
Investment Support and Promotion Agency of (ISPAT)
