08.10.19
Since 2020, Uzbekistan plans to export high value-added products such as textiles abroad by processing raw cotton in its domestic market.
According to Fergana.agency news site, Uzbekistan Investment and Foreign Trade Minister Sardor Umurzakov said in an interview that Uzbekistan is planning to export textile products, not only to CIS countries, but also to all countries of the world, including the USA and China. Umurzakov added that according to forecasts, this year the export of textile products from Uzbekistan will reach $2 billion, and by 2025 it will grow to $8 billion.
Based on data from the French Institute of International Relations, in 2018, China made 786 investments and Japan only 17 investments. Minister Umurzakov noted that Uzbekistan attracts the attention of foreign investors, especially in innovative high-tech sectors. He added that the investments would contribute to the economic development of Uzbekistan to enter in the top 20 most developed countries.
In recent years, Uzbekistan has gradually reduced the supply of cotton fibers, which was one of the main export items in previous years. It was reported that starting from the 2017 harvest, when 1 million 200 thousand tons of cotton fiber were produced, this type of raw material will be mainly processed in Uzbekistan.
According to the State Statistics Committee of Uzbekistan, cotton fiber exports in 2010 amounted to 1.5 billion USD. In 2015, this figure decreased to 736 million dollars, last year it was only 222 million dollars.
