The Hindu Business Line : Knitwear trade team finds Uzbekistan offers attractive

Coimbatore June 14 A knitwear trade delegation representing the Tirupur Exporters Association (TEA) that toured Uzbekistan early this month has found the investment incentives offered by the Uzbek Government for Indian textile entrepreneurs attractive. The TEA delegation, which was in Uzbekistan between June 8 and 13, was invited to invest in joint venture or to take over government-owned textile companies at attractive terms.

Among the advantages the Indian textile entrepreneurs can look forward to from Uzbek investments are the abundant cotton, as that country being the world's sixth largest cotton producer, cheap labour and low power cost/cheap gas besides the income-tax holiday and VAT refund for textile exporters, a TEA press release has said.

The TEA delegation members comprising Mr A. Sakthivel, TEA President; Mr P. Ammasaikutty, President, Tamilnadu Spinning Mills Association; Mr K. Manthrachalam, TEA Joint Secretary; and Mr E. Palanisamy, Managing Director of Armstrong Knitting Mills, held discussions with Mr Ruzikulor Rahmatullo, Uzbek Minister of Textiles and Chairman of state joint stock company, and the delegation members had shown keen interest on investment proposals in that country.

According to Mr Sakthivel, once the proposals were through, Tirupur exporters could source yarn and fabric from Uzbekistan to be converted into garments in Tirupur for exports.

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