Uzbekistan President Shavkat Mirziyoyev has ordered generation of an additional $9 billion in annual revenue by processing yarn into finished products and attracting foreign brands. He set a goal of attracting 50 popular foreign brands to the country’s textile industry and announced new subsidies and incentives for exporters of textile products.
Mirziyoyev said after an international boycott on Uzbek cotton was lifted early this year, foreign companies have been showing great interest in products produced in Uzbekistan.
“If (foreign) brands are not brought to our regions, it will be difficult for domestic products to compete in the world market,” Mirziyoyev was quoted as saying by a news agency.
Since 2016, the country’s volume of textile production has increased by five times, and exports by four times, reaching almost $3 billion. During the period, reprocessing of cotton rose to 100 per cent from 40 per cent.
However, the degree of processing yarn into finished products still remains low at 23 per cent, meaning the domestic industry is missing a $9 billion opportunity every year.
Uzbekistan produces around 3 million tonnes of cotton annually and plans to increase production by implementing new agricultural technologies, including drip irrigation.
Sourced from Fibre2Fashion