TASHKENT, Uzbekistan, April 16. Uzbekistan plans to increase its fiber processing capacity to 1.5 million tons due to new projects in the next 2 years, Uzbekistan’s President Shavkat Mirziyoyev said, Trend reports.
He spoke at a meeting on measures to increase exports and investments in Uzbekistan's textile sector.
During a meeting, it was announced that Uzbekistan plans to reduce the cost of cotton cultivation and increase the yield.
The country has a fiber processing capacity of 1.3 million tons. But the volume of fiber produced reaches 1 million tons.
Meanwhile, the manufacturing volume of industrial products in Uzbekistan is expected to reach $9.6 billion by 2024. Uzbekistan aims to reach an export value of $4.5 billion.
To achieve these goals, the government plans to subsidize 50 percent of transportation costs for enterprises importing cotton and fiber by January 1, 2025.
Moreover, Basfiber Trade (one of Uzbekistan's enterprises) plans to create capacities for the production of 25,000 tons of basalt fiber and fabric next year. Uzbekistan has received equipment worth $145 million. The country plans to exceed the export volume by 90 percent within the framework of the project.