Uzbekistan to invest US$920m to development of textile industry

Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan is planning to direct US$918 million to implementation of 77 projects in textile industry by the end of 2019. This was announced at the session of the Eleventh International Uzbek cotton and textile fair in Tashkent.

These investments will be used to create vertically integrated textile complexes in different regions of the country, as well as new and expansion of existing production facilities with world leaders of textile machinery.

Implementation of these projects will allow Uzbekistan to increase existing capacities by over two-fold.

At the conference, it was noted that Uzbekistan commissioned about 150 textile enterprises with export potential of US$670 million. The volume of investments reached over US$800 million during this period.

Prime Minister of Uzbekistan Shavkat Mirziyayev said that one of priorities of Uzbekistan is to further develop modern textile industry. He noted that over 35% of produced cotton-fibre processed within Uzbekistan.

He noted that over the past three years 100 new textile enterprises with participation of investors from Germany, Switzerland, Japan, South Korea, the US, Turkey and many other countries were created in Uzbekistan. He added that another 100 joint ventures will be commissioned in near future.

Uzbekistan is also expanding exports of textile products. Uzbekistan increased export of textile products from US$8 million in 1994 to over US$1 billion in 2014.