Uzbekistanâ€™s cotton fiber processing volume has reached 40 percent in 2016, while in 1991 it was seven percent only, according to the Ministry of economy of Uzbekistan. By 2020 all available capacities of cotton fiber are to be processed inside Uzbekistan.
The Presidentâ€™s decree of 21 December 2016 â€œon measures for further development of the textile, garment and knitwear industry in 2017-2019â€, has open even more possibilities for improvement of the sector.
Today, cotton yarn accounts for nearly 50 percent of the cotton export. Currently, the share of finished products in the total volume of production amounts to 47%, in the future it is planned to increase this figure to 65.5%, as well as to increase the share of finished products in the export from 41 to 70%. The task is to increase the export of products with high added value by a gradual reduction of yarn exports.
Uzbekistan plans to attract some US $2.2 billion of investments (nearly half of foreign investments) to the textile industry in 2017-2020. A special textile complexes will be launched on the basis of a four-phase system that includes all processes, starting from processing and ending with the production of finished products. More than 27 thousand new jobs will be created. It is also planned to organize 120 new and upgrade more than 10 enterprises.
The allocation of credits for projects will be implemented based on a completely new mechanism. Commercial banks will co-Finance the projects and to open a credit line for the purchase of modern spinning, weaving and painting equipment. In projects implemented at the expense of attracted funds of commercial banks, the banks or investment companies can participate with a share up to 100 percent in the share capital of the company.
Banks have the right to engage in loans capitalization of interest accrued in the investment period, and not to apply restrictions on equity participation in the authorized capitals of the enterprises.
One of the key features of the program is the development and implementation of new industry standards for design and construction of textile enterprises on the basis of foreign experience. These standards will ensure lower costs of construction and installation works and pre-emptive use of local building materials. The terms for tax and customs incentives provided to encourage the processing of raw cotton, have been extended until January 1, 2020.
Today, Uzbekistan exports textile products to more than 50 countries. In recent years, the export has been expanded to Brazil, Chile, Croatia, and Nigeria.
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