Interviews
Uzbek gov to support cotton fiber processing program
12 Apr '06
2 min read
Washington based BISNIS informed that Uzbekistan plans by 2008 to increase cotton fiber processing to 50 percent of production from 26 percent last year, First Deputy Prime Minister Rustam Azimov said at a presentation of a government support program aimed at attracting investment to the textile industry in 2005 - 2008.
Uzbekistan plans about 100 investment projects in the next four years to modernize and set up new production in the textile industry worth more than $1 billion, increasing export potential by $1.1 billion.
Azimov said the state has taken unprecedented steps to support potential investors, including providing tax and customs breaks. "But the investors have certain obligations as well," he said.
Textile enterprises must export at least 80 percent of their product, he said. The Uzbek government in January confirmed a program for 2005 – 2008 to attract investment to the textile industry.
The program includes 94 projects that will create enterprises for deep refinement of cotton fiber.
The program will yield an additional 329,900 tons of cotton yarn, 34,800 tons of knit, 144.4 million meters of fabric, 186.6 million knit items, 65.5 million garments, and 59.5 million hosiery products. Annual exports are planned at $1.17 billion. The new enterprises will create 46,400 jobs.
BISNIS was established in 1992 under the Freedom Support Act and is a part of the U.S. Department of Commerce's International Trade Administration, which promotes market access for U.S. companies worldwide.
Uzbekistan plans about 100 investment projects in the next four years to modernize and set up new production in the textile industry worth more than $1 billion, increasing export potential by $1.1 billion.
Azimov said the state has taken unprecedented steps to support potential investors, including providing tax and customs breaks. "But the investors have certain obligations as well," he said.
Textile enterprises must export at least 80 percent of their product, he said. The Uzbek government in January confirmed a program for 2005 – 2008 to attract investment to the textile industry.
The program includes 94 projects that will create enterprises for deep refinement of cotton fiber.
The program will yield an additional 329,900 tons of cotton yarn, 34,800 tons of knit, 144.4 million meters of fabric, 186.6 million knit items, 65.5 million garments, and 59.5 million hosiery products. Annual exports are planned at $1.17 billion. The new enterprises will create 46,400 jobs.
BISNIS was established in 1992 under the Freedom Support Act and is a part of the U.S. Department of Commerce's International Trade Administration, which promotes market access for U.S. companies worldwide.
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