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Uzbekistan to phase out state monopoly in cotton trading

24
Jan '20
Pic: Shutterstock
Pic: Shutterstock
Uzbekistan will gradually reduce the state’s role in cotton trading, opening up opportunities for private companies in the country—one of the world’s top cotton producers, President Shavkat Mirziyoyev recently said. Traditionally, the government has bought all cotton from farmers, directing them how much to grow every season and taking care of exports.

To encourage private investment, that practice needs to be phased out, Mirziyoyev said, indicating a major policy shift, according to a news agency report.

“Our people might not be ready for it, but if we don’t gradually switch (away from state monopoly) there will never be any (investor) interest,” he told parliament.

Uzbekistan is the world’s 10th-largest cotton exporter. However, the former Soviet republic plans to gradually cease raw cotton exports in favour of domestic textile production.

Fibre2Fashion News Desk (DS)


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