TASHKENT, Uzbekistan, September 15. South Korean Youngone footwear and accessories manufacturer is planning to invest $50 million in production of sewing and knitting products in the Tashkent region of Uzbekistan, Trend reports.
The news followed a meeting between the delegation of Uzbekistan’s Uztextilprom Association and representatives of Youngone. During the meeting, the parties touched upon the optimization of overtime hours for employees in production, as well as the issue of launching a fabric dyeing plant in Samarkand and organizing a large textile warehouse in Uzbekistan for the sale of polyester and spandex.
Earlier this month, Uzbekistan’s Export Support Fund received $50 million to provide working capital to enterprises exporting fabrics, knitted fabrics and finished garments and knitted products.
The funds are provided by Uzbekistan’s Reconstruction and Development Fund on the basis of a revolving loan with an opportunity to repay until January 1 of 2026, at a rate of 4 percent per annum. The measure is aimed at fully mobilizing the existing capabilities of textile industry enterprises and further increasing their export potential.
As per data by Uzbekistan's Agency on Statistics, the country exported textile products worth $3.1 billion in 2022, which is 8.6 percent, compared to the same period last year ($2.9 billion). Furthermore, Uzbekistan’s foreign trade turnover from January through December 2022 amounted to about $50.08 billion.