Overseas Markets: Uzbekistan Vigorously Promotes Textile Exports

Uzbekistan President Mir Ziyoev signed a decree recently calling for deepening the reform of the textile industry, releasing the export potential of the textile industry and making Ukraine an international textile producer.

The decree requires the Ukrainian government to formulate and approve plans for the accelerated development of the textile industry within 3 months.

According to the decree, Uzbekistan will remanufacture all domestic cotton and increase its textile exports to US $7 billion per year by 2025.

Abu Cosmo J, an economics professor at Uzbekistan National University, said that in recent years, the Ukrainian government has provided a number of preferential policies for export enterprises, including the establishment of special funds to support the export of small and medium-sized enterprises, and the provision of export credits and insurance for private enterprises. These measures have contributed to the rapid growth of Ukrainian textile exports.

Ukrainian textile industry association data show that as of the end of last year, the Ukrainian Communist Party has more than 150 joint venture textile enterprises production and operation, investors mainly from Turkey, South Korea, China, Germany, the United Kingdom and Russia.

Uzbekistan is rich in cotton, known as the "platinum country", and is one of the major cotton producers and exporters in the world.

Ukrainian Statistical Commission data show that in 2018, Ukrainian exports of textiles amounted to $1 billion 600 million, an increase of 41.4% over the previous year, accounting for 11.2% of the country's total exports.