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Our Bureau

Coimbatore, Dec. 18

The Uzbekistan Government has extended an invitation to the Tirupur-based knitwear industry to invest in Uzbek textile industry by taking advantage of the rich cotton base enjoyed by that country.

The Uzbekistan first Deputy Minister for Light Industries, Mr Nodir Kalandarov, who was on a visit to Tirupur, urged the local knitwear entrepreneurs to take over the spinning units available in Uzbek and establish garment units.

Citing the example of companies from Turkey and South Korea, which have taken over Government-owned textile units, he said majority stake would be passed on to investors initially and the total management would be given based on performance.

Uzbek, being a major cotton producing and exporting country, offers cheap power, low labour cost compared to European countries, better transportand it also provides tax incentives for exporters. Textile enterprises are allowed 15 per cent concession on cotton procured for manufacture of yarn and an additional 5 per cent on cotton for the integrated units involved in garment making.

More Stories on : Knitwear & Hosiery | Overseas Investments | Tamil Nadu

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