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Uzbek textile sector to invest in machinery production

16
Dec '11
Textile enterprises in Uzbekistan would be investing US$ 7.5 million in manufacturing of modern equipment to enhance production and develop new types of competitive products for the industry.

The new machinery would include carding and tape equipment and knitting machines. These would be produced in collaboration with German company Terot and Swiss firm Rieter AG, both world leaders in design and manufacture of machinery.

Moreover, manufacturing of hosiery machines would be set up in Farghona region of the country in association with South Korean company TMC.

While Uzbek companies will fund 20 percent of the investment, 40 percent will be raised through loans from Uzbek banks, while the rest 40 percent would be availed form foreign banks.

Around 250 textile industries are functioning in the country, of which 195 are small and private enterprises, according to O'zbekyengilsanoat, the state-owned company tasked with promotion of high quality and competitive goods of light industry in domestic and export markets.

During January-September 2011, fabric production in Uzbekistan increased by 33.6 percent year-on-year to 943,000 sq m. Similarly, the production of knitted items rose by 7.8 percent y-o-y to 51.8 million pieces, while 851,400 pairs of stockings were produced, showing a growth rate of 89.2 percent y-o-y.

The total garment production during the nine-month period was worth UZS 39.5 billion.

Currently, around 150 investment projects are being implemented in Uzbek textile industry. The majority of investors are from Turkey, who account for 32 percent of the total investment in the sector. South Korea, United Kingdom, India and Russia account for 24 percent, 12 percent, 11 percent and 5 percent respectively of the total investment in the Uzbek textile sector.

Fibre2fashion News Desk - India


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