20 June 2022

Investment potential of Uzbekistan presented at the famous US Textile Museum

As part of the visit of the delegation of Uzbekistan to the United States in the famous Textile Museum of the George Washington University, the prospects and potential for the joint implementation of commercial and investment projects in the textile industry of Uzbekistan were presented.

According to the Embassy of Uzbekistan, the briefing was attended by the Chairman of the Senate of the Oliy Majlis, the National Commission on Combating Forced Labor and Human Trafficking Tanzila Narbayeva, representatives of the Uztekstilprom associations and cotton-textile clusters of our country, the US textile industry, American investors in the agricultural sector of Uzbekistan – ” CNH Industrial and John Deere, the National Cotton Council trade association, representing the interests of the US cotton industry since 1938), the Global Trade Alliance of America (contributes to the exploration of the potential of trade and investment markets for US companies) , the United States Commercial Service, the State Department and the Diplomatic Corps, as well as the International Finance Corporation and the World Bank.

At the beginning of the event, the participants of the briefing were informed in detail about the competitive advantages of the textile industry of Uzbekistan, the features of the development of cluster production in agriculture and the mechanization of the cotton harvest. Efforts were explained to create modern enterprises within the cluster system of Uzbekistan with the ability to ensure full transparency regarding labor practices and trace all stages of the production cycle – from growing cotton to its deep processing and production of finished products.

The participants also received information about the benefits and preferences provided in Uzbekistan for foreign investors, the existing potential in the field of processing cotton fiber, the production of value-added products, the needs of the internal and external markets of Uzbekistan.

National textile companies, such as UztexGroup, Bunyoidkor Textile, Nil Granit and Haj Textile, who participated in the briefing, separately presented the production and export potential of their enterprises.

Speaking at the briefing, the representative of White & Case, Kritesten Yong, noted that “thanks to the level of state support and revolutionary changes in agriculture, the textile sector of Uzbekistan is demonstrating unprecedented growth rates.”

According to Sarah Dean, global policy manager for John Deere, one of the world’s largest agricultural machinery companies, her company has a huge success story in Uzbekistan. In her opinion, the introduction of modern technologies, especially precision farming technologies, has allowed not only to increase productivity, but also to ensure respect for the environment.

“Government reforms in recent years have really provided a huge number of opportunities for businesses like John Deer and other US and Western companies to enter the Uzbek market and find viable business opportunities for the production of goods and services,” commented Sarah Dean. .

The president of Fontheim International, Claude Fonteyn, who represents the interests of many US textile brands, noted that “Uzbekistan’s textile and clothing industry has a historic opportunity to expand its presence in the European and American markets.” “Uzbekistan’s ongoing reforms that have ended the cotton boycott, as well as a strong commitment to continuing efforts to achieve decent working conditions, are critical as Western brands seek out markets with more advanced human rights conditions,” said Kdod Fontaine.

During the briefing, clarifications were given to questions of interest to participants regarding the mechanisms used in the cluster system of Uzbekistan to ensure traceability in supply chains, standards for environmental protection, social policy and corporate governance (ESG), transport routes and export markets for finished textile products.