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10:39 / 13.02.2019 304

Export of textile products will grow up to $7 billion by 2025 – Presidential decree

A resolution of the President of the Republic of Uzbekistan “On measures for further intensification of reforming the textile and garment-knitting industry and expanding its export potential” was adopted.

According to the resolution, within three months, the Cabinet of Ministers of the Republic of Uzbekistan confirms a Concept of accelerated development of the textile and garment-knitting industry in 2019-2025:

•  processing raw materials based on a complex approach, expansion finished products, including industrial cooperation and support of their manufacture, studying internal and external markets of textile products; 

•  implementing measures to ensure competitiveness of products in domestic and foreign markets, creating a single chain of added value;

•  processing the entire volume of cotton yarn produced in the country and increasing the volume of exporting textile products up to $7 billion by 2025.

Also, the Presidential decree establishes that starting from 2019, value of the VAT on the sale of cotton fiber to the republican organizations will be calculated based on the current selling price of cotton fiber irrespective of the prices formed in the world markets.