Europe's Largest Gipe Yarn Factory Opens in Tokat

Europe's Largest Gimp Thread Factory Opens in Tokat Europe's largest gimp thread factory opened in Tokat. Industry and Technology Minister Mustafa Varank spoke at the factory opening. Minister Varank stated: "With approximately TRY 50 million investment, 4,000 tons of gimp thread will be produced annually in these facilities. The factory will play an important role in developing our country's exporter position in the textile sector, initially with an export target of USD 10 million." TOKAT (AA) - Minister Varank spoke at the joint opening ceremony of OmaFil Thread Factory in Erbaa Organized Industrial Zone (OSB) and Eastern Black Sea Project Regional Development Administration (DOKAP) Projects. Varank emphasized in his speech that such investments serve as dynamos generating production and employment in their locations. Varank noted that the factory being opened is Europe's largest gimp thread factory and conveyed his congratulations to Orhan Aydın, Chairman of the Anatolian Lions Businessmen Association (ASKON), for bringing this investment to Tokat. Minister Varank stated: "We want to achieve development and prosperity not by placing this burden on the shoulders of a few provinces, but by distributing this load across the entire country. ASKON is one of our important stakeholders in this regard. With more than 6,000 members, ASKON continues to make valuable contributions to spreading industry throughout Anatolia. This investment represents one of the links in redirecting investments concentrated in the Marmara corridor toward Anatolia."

Will Provide Significant Employment

Varank noted that factory construction was completed in 7 months; "With approximately TRY 50 million investment, 4,000 tons of gimp thread will be produced annually in these facilities. With a 3.6% share of world textile exports, our country ranks as the 5th largest exporter. This factory will play an important role in developing our country's exporter position in the textile sector, initially with an export target of USD 10 million. It will also contribute to our current account balance. Employment at the facility will start with 400 people and will reach a significant number upon completion of all stages," he said.

"Turkish Industry Is Making History"

Varank explained that "courageous" entrepreneurs in Turkey continue their investments even during this period when investments have stalled worldwide. Varank stated: "The measures we have taken as a state have significant impact on this effort. The decisive and meticulous steps taken enable the wheels to turn in our country despite the pandemic. Industrial production continued at full capacity in August, increasing 13.8% on an annual basis. What is particularly encouraging here is the increases across all subcategories of production, particularly in high and medium-high technology sectors. Turkey continues to grow through production, Turkish industry is making history. Our country achieved a record 21.7% growth in the second quarter of 2021. International organizations have become exhausted from constantly updating their growth estimates for the Turkish economy. Most recently, the IMF raised Turkey's 2021 growth estimate from 5.8% to 9%.