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Pakistan's Premier News Translation Agency

300 million dollars will be streamlined to develop Uzbekistan’s textile industry

Embassy of the Republic of Uzbekistan in the Islamic Republic of Pakistan (GNP): On April 23, President of Uzbekistan Shavkat Mirziyoyev held a meeting on ensuring the stable development of textile industry and mitigating the impact of novel coronavirus. The President ordered to extend the deadline for final payment term for cotton fiber sold before April 1, 2020 from 90 to 150 days.

Besides, Uzbekistan will introduce VAT instant return mechanism that will follow after export customs clearance. Uzbek leader instructed to enlarge finished production within the five years by 4-5 times, develop foreign masters through improving product competitiveness. At the meeting instructions were given on the organizing of large export enterprises with the participation of foreign companies, the production of popular products under well-known brands.

Namangan, Samarkand and Tashkent regions will host new enterprises on exporting manufactured goods. 300 million dollars will be allocated for these purposes within «Reconstruction and Development» Funds, credit line.

Ministry of Investments and Foreign Trade and «Uztukimachiliksanoat» Association are responsible for obtaining GSP+ beneficiary status for duty-free trading in the European Union market. President also touched on urgency of BSI certification with the assistance of the International Finance Corporation.

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