BAKU, Azerbaijan, June 3
By Ilkin Seyfaddini - Trend:
Today, the textile industry of Uzbekistan is one of the fastest growing sectors of the country's economy, a representative of Uzbekistan's Textile and Garment Industry Association told Trend.
As the rep said, the industry plays an important role in addressing economic and social issues related to employment and industry development in remote regions.
“If earlier the industry was engaged exclusively in production of yarn and fabrics from cotton fiber, in recent years the range of products has expanded significantly. The number of enterprises producing finished garment and knitwear products has increased. The measures taken by the government to support the textile industry and stimulate exports have yielded results,” said the representative.
According to the data, provided by the association, in 2010 export of textile products amounted to only about $700 million, by 2019 the amount has already approached $2 billion, and by 2025 it is expected to reach $7 billion.
“The government of Uzbekistan pays great attention to the full domestic processing of cotton fiber and production of finished textile products with high added value. For this purpose, enterprises are being created and the list of additional preferences for exporters is being expanded. In addition, the government pays great attention to introducing European standards in the production of products.” noted representative.
According to the decision of the government, the country has completely abandoned the export of cotton fiber since 2019. At the same time, in March 2020, the government order for the cultivation of cotton fiber was also abolished. Instead, cotton fiber will be grown by cotton textile clusters and farmers. In addition, the starting price of the cotton fiber is determined by the seller based on the value of the New York Mercantile Exchange futures quotation.
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