Italian Textile Machinery Manufacturers Eye Growth in Turkmenistan
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- Published: Saturday, 01 June 2024 09:26
From June 24 to 28, a delegation of Italian textile machinery manufacturers will visit Turkmenistan for an institutional mission organized by ACIMIT (the Association of Italian Textile Machinery Manufacturers) and the Italian Trade Agency. The delegation has scheduled a series of institutional and commercial meetings in Ashgabat, the capital of Turkmenistan, as they explore opportunities in this burgeoning market.
For the Italian textile machinery industry, Turkmenistan presents a significant growth opportunity. Cotton, a key raw material, is the third largest export product of Turkmenistan. The local authorities are keen to transform the country into a major textile hub, capable of processing its abundant cotton into high-value textiles. This ambitious development program will necessitate substantial investments in modern equipment, driving up the demand for advanced textile machinery and technologies.
The potential of the Turkmen market is reflected in the impressive growth rate of textile machinery imports. Between 2009 and 2023, the average annual growth rate was 7.3%. Looking ahead, ACIMIT forecasts an additional annual increase of 5.5% from 2024 to 2027.
Marco Salvadè, President of ACIMIT, emphasizes the importance of technological advancement for the Turkmen textile industry to compete globally. "Emerging at a global level in the textile industry requires first and foremost an updating of technology for competing with countries whose technology level is already at a more advanced stage. The purpose of this institutional mission is to create a favorable context for collaboration between our industry and the Turkmen textile sector," Salvadè states.
In 2023, the demand for Italian textile machinery from Turkmen companies saw a remarkable increase. Italian exports surged from 600,000 euros (~$654,000) in 2022 to approximately 13 million euros (~$14.17 million) the following year. This dramatic growth underscores the increasing recognition and trust in Italian technology within the Turkmen market.
The mission aims to showcase Italy's advanced textile machinery and deepen relationships with local institutions, which play a crucial role in shaping the textile industry's supply chain strategies in Turkmenistan. "During this mission," Salvadè continues, "we intend to showcase our technological offerings to textile operators, but above all, deepen contacts with local institutions, which have a strong influence in defining supply chain strategies."
The delegation includes prominent Italian companies such as Brazzoli, Color Service, Itema, Marzoli, Mcs, Reggiani Macchine, Salvadè, and Santoni. These companies are renowned for their innovation and excellence in textile machinery, and their participation signifies a robust commitment to fostering a long-term partnership with Turkmenistan.
The institutional mission to Turkmenistan marks a strategic step for Italian textile machinery manufacturers. By leveraging this opportunity, they aim to support Turkmenistan’s ambitions to develop a world-class textile industry. Through technological collaboration and investment in modern equipment, both Italy and Turkmenistan stand to benefit from enhanced trade relations and shared growth in the textile sector.