Indian textile cos to invest $ 300 mn in Uzbekistan
The buoyant Indian textile industry has encouraged Uzbekistan to attract substantial investments from India with liberal sops. The country is looking at attracting about $ 300 million investments from Indian textile companies in three years.
By TNN |
COIMBATORE: The buoyant Indian textile industry has encouraged Uzbekistan to attract substantial investments from India with liberal sops. The country is looking at attracting about $ 300 million investments from Indian textile companies in three years.
The First Deputy to the Minister for Light Industries, Uzbekistan, Nodir K Kalandarov, has urged Indian textile companies to tap the investment opportunities in Uzbekistan.
Mr Kalandarov, who was on a three - day visit here, said that textiles are crucial to the economy of Uzbekistan because of job creation. "We are both textile countries. We want to establish ties with Indian textile companies," he said.
Uzbekistan produces about 3.5 million tonnes of cotton annually and nearly 1.3 million tonnes of that was processed. "Approximately, 70 % of the cotton is being exported and the spinning mills in the country use the rest. We aim to increase domestic consumption to about 60 %", he added.
Stating that the government of Uzbekistan gives a number of incentives to textile units such as cheap power (almost three cents per unit), low labour cost compared to other European countries and better infrastructure, Mr Kalandrov said that a 20 % concession is available for integrated garment manufacturing units for procuring cotton.
"We have a lot of joint ventures with partners from Korea. During the last five years, India has developed as a major textile country and we want to increase the presence of Indian companies in Uzbekistan," he stated.
The First Deputy to the Minister for Light Industries, Uzbekistan, Nodir K Kalandarov, has urged Indian textile companies to tap the investment opportunities in Uzbekistan.
Mr Kalandarov, who was on a three - day visit here, said that textiles are crucial to the economy of Uzbekistan because of job creation. "We are both textile countries. We want to establish ties with Indian textile companies," he said.
Uzbekistan produces about 3.5 million tonnes of cotton annually and nearly 1.3 million tonnes of that was processed. "Approximately, 70 % of the cotton is being exported and the spinning mills in the country use the rest. We aim to increase domestic consumption to about 60 %", he added.
Stating that the government of Uzbekistan gives a number of incentives to textile units such as cheap power (almost three cents per unit), low labour cost compared to other European countries and better infrastructure, Mr Kalandrov said that a 20 % concession is available for integrated garment manufacturing units for procuring cotton.
"We have a lot of joint ventures with partners from Korea. During the last five years, India has developed as a major textile country and we want to increase the presence of Indian companies in Uzbekistan," he stated.
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