Uzbekistan and India sign investment agreements in textile industry for US$30.5 million

Tashkent, Uzbekistan (UzDaily.com) -- Within the framework of the official visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to India, from 25 September to 1 October 2018, a delegation of the Uztekstilprom Association headed by the Chairman of the Association Ilkhom Haydarov stayed in Ahmedabad, Surat Mumbai and Delhi.

The delegation included large textile companies and representatives of cotton-textile clusters of Uzbekistan - Uztex Group, Surkhon Tex, Parvoz Xumo, Textile Technology Group, etc.

The purpose of this visit is to expand mutually beneficial cooperation with Indian textile companies, in particular, with manufacturers of finished products, denim products, home textiles, dyes, equipment manufacturers.

For the first time, textile companies of Uzbekistan visited the largest textile centers of the city of India - Ahmedabad and Surat. During the delegation’s visit, business forums, seminars and negotiations were held with major players in the Indian textile industry, such as Arvind Industries, Nandan Denim (denim), Grasim Industries, Sintex Industries Limited (synthetic fibers), Rimtex, Lakshmi (technology and auxiliary equipment), etc.

On 26 September, a seminar was held at the Chamber of Commerce and Industry of Gujarat with the participation of 50 textile companies on the theme: “Investment potential in the textile industry of Uzbekistan”.

During this event, a presentation was made about achievements of the textile industry in Uzbekistan, as well as prospects for development and investment. At the end of the seminar, separate meetings were held with the leaders of large textile companies.

Following the results of negotiations with the Vice-President of the Chamber Mr. M. Shah, an agreement was reached in sending representatives of textile companies of the city of Gujurat to Uzbekistan to get acquainted with the investment potential in the third decade of October this year.

During this event, presentations were made on the achievements of the textile industry in Uzbekistan, as well as prospects for development and cooperation. The presentation of the strategy for development of textiles was perceived by Indian companies with interest, especially plans to bring exports to US$7 billion.

In addition, great interest was caused by government support for the industry and the development of a cotton-textile cluster system. In the framework of the seminar, separate (B2B) meetings were held with the leaders of large textile companies in the world, and visits were made to manufacturing factories.

The greatest interest was shown in deepening cooperation during the Uzbek-Indian Forum held on 27 September in Mumbai at the Sahara Hotel, within the framework of the Annual General Meeting of the members of the Confederation of Textile Producers of India (CITI), the main partner of the Uztekstilprom Association, where the delegation became an honorary guest of the event.

CITI works as an interface between the government of India and industry. He helps the government in providing political resources to the government and at the same time supports the textile and garment sector, protecting their interests, amending government policies.

More than 100 Indian companies took part in the business forum. The participants were presented with the presentation of the Association "Uztextileprom", which reflects the Development Strategy of textile industry of Uzbekistan for 2018-2023 and a video about industry achievements.

The forum participants noted that Uzbekistan and India have a common rich history and today it is very important to develop bilateral cooperation. There is an untapped potential in the textile industry.

Taking a great interest from the Indian companies to the textile industry of Uzbekistan, it was decided to organize a visit of the delegation of the Indian companies from Ahmedabad and Surat to Uzbekistan in the first half of 2019.

In addition, on 28 September, participation in the Uzbek-Indian business forum, organized by the Embassy of the Republic of Uzbekistan in Delhi, was taken. The forum organized B2B meetings with 10 Indian companies.

On 28-29 September, an exhibition under the slogan "Made in Uzbekistan" was held in New Delhi. The exhibition featured products of domestic manufacturers - brands. The special interest of foreign participants was caused by the products of the brands “Buka”, “Samo” and “Uztex Group”.

Also, noting the high technological level of production, textile companies in India expressed their intention to cooperate in the sale of Uzbek textiles to the markets of third countries of the countries, including placing orders for export to European countries (Scandinavia).

For the first time the exhibition of the textile industry of Uzbekistan under the slogan "Made in Uzbekistan" was organized. More than 20 companies put their products in it - from yarn to finished sewing products.

According to the results of the meetings, relevant agreements were concluded, including 8 investment agreements totaling US$30.5 million.