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Uzbekistan removes incentives on cotton purchase
25 Mar '11
1 min read
Beginning from January 1, 2011, the government of Uzbekistan has withdrawn exports rebates and incentives provided on cotton purchases.
This has upset the plans of major overseas investors in the textile industry who have invested in Uzbekistan, on the back of these incentives.
The government has removed 20 percent export tax rebate and the 15 percent incentive on cotton purchasing.
Shandong Yuncheng Hengshi Textile Company, a Chinese firm had once planned to purchase a cotton textile mill in Uzbekistan and more than US $1.3 million has been invested.
According to Shandong, Uzbekistan cotton was even better than Xinjiang cotton as the weather was dry and labour cost was also low.
The export tax rebate policy and incentives on purchasing cotton, made the investment climate more attractive for Shandong.
However, the sudden withdrawal of the rebate and incentive has compelled Shandong to revisit their plans and are now waiting and watching the situation.
This has upset the plans of major overseas investors in the textile industry who have invested in Uzbekistan, on the back of these incentives.
The government has removed 20 percent export tax rebate and the 15 percent incentive on cotton purchasing.
Shandong Yuncheng Hengshi Textile Company, a Chinese firm had once planned to purchase a cotton textile mill in Uzbekistan and more than US $1.3 million has been invested.
According to Shandong, Uzbekistan cotton was even better than Xinjiang cotton as the weather was dry and labour cost was also low.
The export tax rebate policy and incentives on purchasing cotton, made the investment climate more attractive for Shandong.
However, the sudden withdrawal of the rebate and incentive has compelled Shandong to revisit their plans and are now waiting and watching the situation.
Fibre2fashion News Desk - India
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