Intending to capitalize on escalating international cotton prices, the world's third largest cotton exporter, 'Uzbekistan' has offered 600,000 tons of cotton fibres for sale from this year's total cotton production, informed the Central Asian State's Ministry for Foreign Economic Relations.
During the inauguration of the Central Asian's state annual cotton fair, the Prime Minister of the country Mr. Shavkat Mirziyayev flaunted the cotton output of the country. Officials expected to settle export deals worth $500 million.
The country is planning to reduce the volume of raw cotton exports in a bid to offer a boost to the domestic cotton industry by processing up to 70 percent of the ouput by the year 2015, added Mr. Mirziyayev.
This year, Uzbekistan has acquired a favorable position in the market compared to the other cotton exporting countries, which had witnessed poor cotton harvest. China, Bangladesh, Iran, Pakistan and Russia are the major importers of Uzbek cotton. Uzbekistan ranks sixth among the world's largest cotton producers. It produces an average of around 3.5 million tons of raw cotton.
Fibre2fashion News Desk-India
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