November 29, 2022
  • November 29, 2022
  • Home
  • Textile industry
  • Indian company ITME invites Uzbekistan to explore opportunities in the textile industry

Indian company ITME invites Uzbekistan to explore opportunities in the textile industry

By on September 12, 2022 0
Image Courtesy: Indian Company ITME

India ITME Society, India’s flagship industry body, recently organized the “India Networking Program” in Uzbekistan, coinciding with CAITME.

The event aimed to highlight the strengths and opportunities offered by India, home to the 2nd largest textile market in the world and invite a business delegation from Uzbekistan to “India ITME 2022”, the most prestigious machinery exhibition and Textile Accessories held in India once every 4 years from 8th to 13th December 2022 at Greater Noida.

This year, the exhibition is expanded to include an end-to-end solution for end-to-end fiber products and complete supply solutions and the latest technologies.

It was highlighted during the event that Uzbekistan, strategically located in the heart of Central Asia, is the 6th largest cotton producer.

Cotton contributes 68% to the country’s fiber exports, which were recorded at US$2.66 billion in 2021.

Foreign investment is huge in the country with around 300 textile companies established through foreign investment from China, South Korea, Russia, India, Singapore, Germany, Switzerland and others.

The country has high textile exports relative to its imports in 2021. Its textile and apparel exports are growing globally at a CAGR of 18%.

The export of value-added garments amounted to US$6.45 billion in 2021. The country mainly imports synthetic fibers, alone contributing 95% of total imports worth US$0.37 billion. US dollars in fiscal year 21.

Having a well-developed spinning segment, the country exported US$32.53 billion in FY21. Fabric exports stood at US$8.06 billion in the same year.

With the dynamics of youth and urbanization in Uzbekistan combined with India’s brand image and strong engineering background, a strategic partnership by mapping the skills of both countries will bring prosperity to both countries. India and Uzbekistan, which have the strength and rich heritage of cotton, will only benefit from each other.

S. Hari Shankar, President of India ITME Society, officially invited India ITME 2022 in December to “Explore the Soul of Textiles”. He also encouraged an official delegation from Uzbekistan, which could mark the start of stronger bilateral trade and investment activities in the textile sector between India and Uzbekistan.