Uzbekistan Will Formulate Accelerated Development Plan For Textile Industry

President Mir Ziyoev of Uzbekistan signed a decree recently to deepen the reform of the textile industry and release the export potential of the textile industry.

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 Uzbekistan government has provided many 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 led to the rapid growth of textile exports in the country.

According to the data of Uzbekistan Textile Industry Association, as of the end of last year, there were more than 150 joint venture textile enterprises in the Ukrainian Communist Party, and investors mainly came from Turkey, South Korea, China, Germany, the United Kingdom and Russia.

Uzbekistan is rich in cotton.

According to the statistics of Uzbekistan National Statistical Commission, Uzbekistan exported $1 billion 600 million in 2018, an increase of 41.4% over the previous year, accounting for 11.2% of the country's total exports.