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Uzbekistan signs contracts worth over $1B for textiles export

25 Oct 2017 10:22 AM | Deleted user

Uzbekistan, the world’s sixth-largest cotton producer, aims to further increase incomes to the national economy by exporting this strategic crop.

Uzbekistan has signed contracts for the export of finished textile products and semi-finished products for more than $1 billion following the 13th International Uzbek Cotton and Textile Fair.

Large contracts were signed with companies from Russia, Turkey, South Korea, Singapore, Moldova and other countries.

Representatives of foreign purchasing companies noted the quality and price parameters of Uzbek textile.

At the same time, the process of contracting continues, and more accurate figures for exports will appear later. The same applies to data on cotton fiber contracting.

Last year, Uzbekistan signed contracts for the sale of textile products for 550,000 tons of cotton fiber worth more than $1.32 billion.

In general, the 76th plenary meeting of the International Consultative Committee for Cotton and the XIII International Uzbek Cotton and Textile Fair will last until Friday, when the final figures will be announced.

This year around 1500 specialists from more than 50 countries take part in the events.

Uzbekistan will achieve full processing of cotton fiber in 2021. By 2020, the capacity of local enterprises will ensure the full processing of cotton produced in Uzbekistan, which can lead to a significant decrease in the export supplies of this crop. Only in 2017, the country intends to bring internal processing of cotton fiber to 70 percent.

At the same time, by 2021 the production of textile and clothing and knitted products will increase by 2.2 times compared to 2016, including ready-made fabrics - 2.7 times, knitted fabrics - 3 times, knitted goods – 3.4 times, hosiery – 3.7 times. It is planned to increase the export of products by 2 times.

One of the policy priorities of Uzbekistan, the world’s fifth-largest cotton exporter, is further development of its textile industry. Annually, the country grows about 3.5 million tons of raw cotton, produces 1.1 million tons of cotton fiber.

Uzbekistan takes consistent steps to increase the volume of cotton fiber processing. In particular, it is planned to create 112 modern, high-tech industrial factories, expand, modernize and technologically upgrade 20 operating capacities. All this will increase the export potential of the industry up to $2.5 billion a year and create more than 25,000 jobs.

In the period 2010-2014, the textile industry of Uzbekistan received and spent foreign investments worth $785 million while 147 new textile enterprises with participation of investors from Germany, Switzerland, Japan, South Korea, the U.S., Turkey and other countries were commissioned. Export potential of these enterprises amounted to $670 millions.