With the supply of textiles from Uzbekistan to Russia increasing by 22 percent in 2017, both countries Russia and Uzbekistan aims to further expand cooperation in textile industry which is a strategic centerpiece of the Uzbek economy due to the fact that Uzbekistan is the worldâ€™s sixth-largest cotton-growing country producing about 1.1 million tons of cotton fiber annually.
Russia and Uzbekistan intends to create a â€œgreen corridorâ€ for the supply of textile products. Uzbek Foreign Trade Minister Eler Ganiev said that such a proposal was put forward during negotiations with the Russian delegation led by the Minister of Industry and Trade Denis Manturov in a narrow format.
According to Ganiev, the potential is very large here. They are talking about production cooperation, the use of Uzbek yarn for production at Russian enterprises, the supply of finished textile products, knitted fabrics as well as cotton fabrics. They expect that by the next year, the volume of trade in textile products could reach about $700 million.
On the other hand, Uzbekistan registered a significant growth of almost 34 percent in supplies of rolled ferrous metals and products made of ferrous metals from Russia.
All this creates opportunities for expansion and increase in production volumes both in Russia and in Uzbekistan, according to the Foreign Trade Minister.
There are 961 enterprises in Uzbekistan with participation of Russian capital and 569 enterprises created with participation of investors from Uzbekistan in Russia.
By the end of the year the republic intends to reach the $5 billion trade turnover level with Russia. Moreover, this year Russia has come out on top among Uzbekistanâ€™s foreign trade partners.
The production cooperation can make the most serious contribution to the development of bilateral trade relations.
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