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21 December 2012 / 02:51

UzA, Mekhribon Mametova, 20 December 2012, 11:45

"O'zbekyengilsanoat" State Joint Stock Company will complete 28 investment projects until the end of 2012. The announcement was made during a press conference at the National Press Center of Uzbekistan in Tashkent.

Cotton yarn, fabrics, sewing, sewing and knitting products, hosiery –this is not a complete list of the products range of 290 companies under the O'zbekyengilsanoat umbrella. Many of them are joint ventures that have been created due to conducive and favourable legal framework for protecting foreign investment in Uzbekistan, and effective system of incentives and preferences, which became the basis for effective cooperation with foreign investors.

In particular, the resolutions of the President Islam Karimov "On the priorities of industrial development of Uzbekistan in 2011-2015" dated December 15, 2010, and "On the investment program of the Republic of Uzbekistan for 2012" dated December 27, 2011 opened broad prospects for the textile industry. Chairman of the Board of O'zbekyengilsanoat SJSC Ilkhom Khaydarov highlighted in his presentation that in line with these directions, O'zbekyengilsanoat has implemented 28 investment projects in 2012 with a total value of more than 194.8 million USD, which led to the creation of more than 3.7 thousand new jobs.

One of the most notable projects was the establishment of the textile machinery production site in cooperation with the the renowned Swiss engineering company Maschinenfabrik Rieter AG in Tashkent. The project has been implemented within the framework of the agreement between O'zbekyengilsanoat and Maschinenfabrik Rieter AG, which aims at equipping the industry with high-tech equipment at competitive prices in the national currency and in timely manner.

The first phase of the project requires production of tape and carding machines, the second - ring spinning machines, the third phase envisages commissioning workshops for metal processing and powder coating. To date, the launch of the first stage took place, which created 40 new jobs.

Another equally prominent investment project was the organization of spinning production on the basis of "Shovot Textiles" LLC  in Khorezm region. The project with an annual production capacity of five thousand tons of cotton costs $25 million. It should be noted that the activity of the company is focused not only on the production of high-quality products, but also has a social component.

Uzbekyengilsanoat management believes that organization of spinning production at "Elite Stars Textil" LLC in the Republic of Karakalpakstan, commissioning of the new "Bukhara energy textiles" LLC in the Bukhara region, expansion of spinning production at "Fargona Turon Textiles" LLC in Ferghana region deserve attention.

In general, full implementation of the 28 projects by the end of 2012 will increase the production of cotton yarn by 60.5 million tons, cotton fabrics by 7.5 million linear meters, knitted fabric by 6.2 million tons, garment and knitwear for 3,7 million units as well as 40 units of tape equipment will be produced.

In 2013 the company will continue technical and technological re-equipment of existing and creation of new high-tech production facilities, which will allow to create new jobs. New capacities for increasing the volume of cotton fiber processing will boost export of finished products abroad.