Industry & Economy
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Textiles
Uzbek woos investors in textile sector
Our Bureau
New Delhi
,
Nov. 15
The Government of Uzbekistan on Tuesday announced a series of measures to attract the Indian textiles industry to invest in the country and also said that it was committed to increasing FDI in the sector.
"We offer 15 per cent discount on cotton fibre for foreign investors, lower income tax rate to exporters and exemption from VAT for exports," the Uzbek Textile Minister, Mr Ruzikulov Rahamatullah Ruzikulovich, said. He also said that units located in his country would be allowed to import equipment and parts duty-free.
Uzbekistan is among the world's largest producers of high quality cotton with a production of 1.2 million tonnes in 2005, almost 80 per cent of which is exported. Mr Ruzikulov pointed out that the post-quota regime and the proximity of Uzbekistan to the key European countries make it the ideal destination for the Indian textile industry. "The recent acquisition of Tashkent-To'yetpa Tekstil Ltd in Uzbekistan by Spentex Industries, the textile arm of CLC Group of India, has sparked off a lot of interest in the Indian textile industry about the opportunities offered by investing in our country,'' he said.
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