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Uzbekistan plans textile revamp, to process cotton domestically

Uzbekistan’s cotton fiber processing volume reached 40 per cent in 2016. Now the country aims that by 2020 it will process all available capacities of cotton fiber within Uzbekistan.

Cotton yarn accounts for nearly 50 per cent of exports. The share of finished products in the total volume of production amounts to 47 per cent. In future, Uzbekistan plans to increase this figure to 65.5 per cent. Export of products with high value added will be increased along with a gradual reduction of yarn exports.

Textile complexes will be launched on the basis of a four-phase system that includes all processes, starting from processing and ending with the production of finished products. More than 27,000 new jobs will be created. About 120 new enterprises will be created and ten will be upgraded.

Allocation of credits for projects will be implemented based on a completely new mechanism. Commercial banks will co-finance the projects and open a credit line for the purchase of modern spinning, weaving and painting equipment. In projects implemented at the expense of attracted funds of commercial banks, banks or investment companies can participate with a share up to 100 per cent in the share capital of the company.