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Uzbekistan to supply textiles to Korea's largest trade manufacturers

Uzbekistan, the world's fifth-largest cotton producer will supply textile products worth $70 million to South Korea till the end of 2018. Relevant agreements were reached during the negotiations of the Uzbekengilsanoat delegation with leaders of the major Korean trading companies Posco Daewoo, Color Paradise, Solsang International Corp, Ratel E & T Co, , Korea Factory and Lotte Mart retail network. During the meeting with the leadership of the Korean International Trade Association (KITA) and the national electronic trading platform (KTNET), agreements on joint activities to promote Uzbek textile products in Korea in 2017-18 through the electronic trading platform KOREA Trade, including providing services through representations of Uzbek companies in Korea or Korean importers and transport companies for electronic customs clearance were signed.

Since the beginning of the year, various textile semi-finished and other products valued at $23.4 million were exported to the Korean market. Further, a supply of knitted goods to the Lotte Mart retail networks, dyed and mélange yarn for manufacturers of knitted goods from Korea was launched this year. Uzbekistan is expected to achieve full processing of cotton fibre 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 export supplies of this crop. Only in 2017, the country intends to bring internal processing of cotton fibre to 70 per cent.

At the same time, by 2021 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 double the export of products. One of the 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 fibre.