November 29, 2022
  • November 29, 2022

Uzbekistan plans additional $9 billion in revenue from textile industry

By on July 1, 2022 0
Uzbek President Shavkat Mirziyoyev ordered the generation of $9 billion in additional annual revenue by processing yarn into finished products and attracting foreign brands. He set a goal to attract 50 popular foreign brands to the country’s textile industry and announced new subsidies and incentives for exporters of textile products.

Mirziyoyev said that after an international boycott on Uzbek cotton was lifted earlier this year, foreign companies showed great interest in products made in Uzbekistan.

“If (foreign) brands are not brought to our regions, it will be difficult for domestic products to compete in the global market,” Mirziyoyev was quoted as saying by a news agency.

Uzbek President Shavkat Mirziyoyev ordered the generation of $9 billion in additional annual revenue by processing yarn into finished products and attracting foreign brands. He set a goal to attract 50 popular foreign brands to the country’s textile industry and announced new subsidies and incentives for exporters of textile products.

Since 2016, the country’s textile production volume has increased fivefold and exports fourfold, reaching nearly $3 billion. Over the period, cotton reprocessing increased from 40% to 100%.

However, the degree of transformation of yarn into finished products remains low at 23%, which means that the domestic industry misses an opportunity of 9 billion dollars every year.

Uzbekistan produces about 3 million tons of cotton per year and plans to increase production by implementing new agricultural technologies, including drip irrigation.

Fibre2Fashion (DS) News Desk