Uzbekyengilsanoat state joint stock company is planning to increase internal processing of cotton fibre up to 70% by 2021, head of main department of technical policy and forecasting of the company Dilbar Mahmudova.
She said that the company will direct about US$1 billion to increase internal processing of cotton fibre and decrease its exports in line with the Concept of developing light industry in Uzbekistan for next five years.
The concept was developed by Uzbekyengilsanoat in cooperation with several ministries and departments.
Mahmudova stated that the programme envisages increasing internal cotton fibre processing from 44% in 2014 to 70 in 2020.
At the same time, she said that Uzbekistan will increase exports of textile products from US$800 million to US$1.5 billion.
Implementation of the projects will increase production of cotton yarn by 2.6% compared to 2014 to 562,800 tonnes, cotton fabrics -2.8 times to 340 million square meters, stockinet – by 2.9 times to 110,500 tonnes, knitwork – 2.1 times to 296 million units and ready garments – 3.3 times to 20.1 million units.
The projects of the programme will be financed due to direct investments of local and foreign investors, as well as loans of the banks.