Uzbekistan plans to increase textile exports to $7B
Baku, Azerbaijan, Dec. 27
By Rashid Shirinov – Trend:
Uzbekistan intends to increase exports of textile products to $7 billion by 2025, Trend reports citing Uzbek media.
This is noted in the country’s Textile Industry Development Strategy for 2019-2021, presented on December 26. The Strategy was developed by the Cabinet of Ministers, along with the Economy Ministry of Uzbekistan, the International Textile Manufacturers Federation (Switzerland), KOFOTI (South Korea), KITECH (South Korea), KOTRA (South Korea), the Indian Ministry of Textiles, CITI (India), IFC, Gerzi (Switzerland), Rieter (Switzerland), Indorama Corp. (Singapore), and Jinsheng Group (China).
The main objectives of the Strategy include improving the technical and technological level; ensuring production efficiency; competitiveness and research intensity of products; export growth, etc.
As part of the development of international cooperation, it is planned to establish regional representative offices of Uztekstilprom Association covering the CIS countries (Russia, Belarus, South Caucasus), the EU and Southeast Asia.
It should be noted that today in Uzbekistan there are more than 150 joint ventures of the textile and garment industry, of which 50 are with a 100-percent foreign capital.
The bulk of the mastered foreign investments accounts for Turkey, South Korea, China, Singapore, Switzerland, Germany, the UK and Russia. The textile and garment industry enterprises account for 4.6 percent of Uzbekistan's GDP.
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