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Uzbekistan to supply textiles to Korea
27
Nov '17
Uzbekistan to supply textiles to Korea
World's fifth-largest cotton producer Uzbekistan’s state-run company Uzbekengilsanoat recently signed agreements with major South Korean trading companies Posco Daewoo, Color Paradise, Solsang International Corp, Ratel E & T Co. Ltd., Korea Factory and the Lotte Mart retail network to supply textile products worth $70 million to them by the end of 2018.

During the meeting with representatives from the Korean International Trade Association (KITA) and the national electronic trading platform (KTNET), agreements were signed on joint activities to promote Uzbek textile products in Korea in 2017-2018 through the electronic trading platform KOREA Trade and on providing services through representations of Uzbek companies in Korea for electronic customs clearance.

“Korean businessmen especially liked the dyed and melange yarn, terry and hosiery of the group of companies Uztex, Osborne Textile, as well as knitted and denim products of Uzbek brands Bofanda and Bonito,” Uzbek media reported quoting the press centre which covered the recent visit of Uzbek President Shavkat Mirziyoyev to South Korea.
Uzbekistan is likely to achieve full processing of cotton fibre in 2021.

The country, which annually grows about 3.5 million tons of raw cotton and produces 1.1 million tons of cotton fibre, has a target to bring internal processing of cotton fibre to 70 per cent by the end of this year.

The country plans to create 112 high-tech industrial factories, and expand, modernize and upgrade 20 operating ones. All this will increase the export potential of the industry up to $2.5 billion a year and create more than 25,000 jobs. (DS)

Fibre2Fashion News Desk – India


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