Uzbekistan will invested $626 million in textile industry by 2020

Almaty. April 9. Silkroadnews - Businesses of textile industry of Uzbekistan in 2015-2019 will invest in modernization and creation of new industries $626.3 million, reports KazTAG.
The program, approved by decree of President Islam Karimov, includes 55 projects on modernization, technical and technological renewal of production companies in the industry. Projects will be financed at the expense of foreign investments and loans - $202.3 million, the Uzbek banks - $313.1 million and own funds of enterprises - $110.8 million.
In particular, the Swiss Capital in 2019 will build in Tashkent region the production of linen fabrics for $65, 5 million. The Dutch LT Textile Cooperatief UA in 2016 will put into operation in Kashkadarya region textile complex for the production of mixed yarn worth $55 million. Singapore Indorama Industries in 2018 will expand the spinning mill for $50 million.
The program will allow enterprises of light industry of Uzbekistan in 2019 to increase the production of cotton yarn up to 474.5 thousand tons (increase by 1.4 times compared to 2015), cotton fabrics - up to 445.2 million square meters (increase by1.64 times), knitted fabric to 91.1 thousand tons (increase by 1.7 times), sewing and knitted products to 408 million units (increase by1.62 times).
According to the experts and market participants, in spite of a number of tax and customs exemptions provided in the textile industry to foreign investors, the government failed to solve the main problem, namely grace and transparent access to raw cotton.