From June 4 to June 6 of 2013, in Tashkent has been held the Textile forum “Investment opportunities in the textile sphere of Uzbekistan”. It brought together leaders of the international organizations, foreign and local specialists, as well as representatives of the leading textile companies of Switzerland, Italy, Korea Republic, Turkey, India and other countries.

Large resource opportunities, development of high-tech industries and introduction of innovations, the priority of the international quality standards and environmental regulations have caused a great interest of foreign companies in enhancing of the business cooperation in various areas of textile business of the country.

In opening speech, the Minister of Foreign Economic Relations, Investments and Trade, Elyor Ganiev said, that Uzbekistan is the first among CIS countries entered into the phase of the economic growth and by 2001, restored pre-reform level of production. Thanks to measures taken in the last 12 years, the scales of economics of the republic have been doubled, according to 2012 results, GDP grew by 8.2%.

- According to the evaluation of the experts of the International Monetary Fund, World Bank, Asian Development Bank and other respected financial institutions of Uzbekistan will demonstrate high rates of the economic growth, the ongoing development of industry and agriculture, in the next 5-10 years. Noteworthy, that private sector is developing very dynamically, steadily growing foreign direct investments and foreign trade. Ongoing structural reforms create conditions for sustainable economic growth at level more than 8% a year. Has been provided the growth of the industry share into economy from 17% in 2000 to 24% in 2012. The average investment rate is 25%-30% of GDP annually. Real income of the public grows by 22%-24% per year, that significantly stimulates domestic demand for goods and services - says Elyor Ganiyev.

In addition, in the years of the independent development, investments of more than $120 billion, more than 50% - of foreign direct investments have been attracted into the economy of our country. Thus, in 2012, the total volume of foreign investments in the share of foreign direct investments composed about 80%.

- In recent years, in Uzbekistan has been created more than 100 enterprises with participation of foreign investors from countries such as Germany, Italy, Switzerland, the U.S., South Korea, Japan, Singapore, India and others. Large foreign companies successfully work in the country. As a result of such cooperation, as well as taking into account growing domestic investment in the next three years, we are planning to bring processing of cotton textiles of own capacities into the textile industry by 70% of the produced volume – added the Minister of foreign economic relations, investments and trade.

Prospects of expanding of mutually beneficial and long-term international cooperation, the development potential of global textile industry was reflected in the presentations of the United Nations Industrial production (UNIDO), the Ministry of Foreign Economic Relations, Investments and Trade, the Ministry of Labour and Social Welfare, the National Bank of Uzbekistan, SJSC \"Uzbekyengilsanoat\", presented at forum.

- Light industry - one of the most strategically important sectors of the economy of Uzbekistan. It’s noteworthy, that according to experts, the textile industry is one of the export-oriented and investment-attractive industries. This forum - confirmation of the importance of the industry for economic development of the country. Note that since 1995, into the industry has been attracted more than $1.8 billion. Jointly with foreign companies representing such countries as Germany, Switzerland, Singapore, South Korea have been implemented more than a hundred projects. The interest of foreign companies for Uzbekistan is high and this is due, primarily, to the support provided by the government of the republic, - says director of the head department of technical policy and forecasting \"Uzbekyengilsanoat\" Dilbar Mukhamedova.

Noteworthy, that Uzbekistan has gained a successful experience of cooperation with foreign partners, including the implementation of large investment projects. One of them is the construction of a new textile complex Singaporean «Indorama Industries Pte» in Kokand city. - From the start, the main target of our presence in the market of Uzbekistan has been the production of high quality products by using the modern equipment. Today, we can assure, that task is completed. Among products of our manufacture - polyester, yarn, fabric and many others. We operate in 22 countries and have 43 manufacturing plants.

The first phase of our work in Uzbekistan was launched in 2011, the same year was built the first plant. Today we have started the second phase: building a new company, which will be put into force in 2014.

Note, that good conditions were created for business in this country. Developed rail network, which means that has been opened access to the neighbor countries - told us vice president of \"Indorama\", Prakash Kejrival (Singapore).

Textile Forum \"Investment opportunities in the textile industry of Uzbekistan\" on concrete examples of the successfully implemented projects, demonstrated investment potential of the light industry to foreign partners. In particular, vice-President of Swiss company «Rieter AG», recognized world leader in the field of textile machinery presented a presentation devoted to the innovative textile technologies.

Deputy Minister of MFERIT, Shavkat Tulyaganov in details has told to a forum participants about the investment climate created in Uzbekistan and opportunities of cooperation in the implementation of investment projects. In his speech, he announced main factors making Uzbekistan attractive for foreign investors, among them - the political and macroeconomic stability, well-developed legal and regulatory framework, energy independence, a diversified industry, a favorable geographic location, highly- qualified personnel.

Over the past six years, the rate of the economic growth and gross domestic product is at level 8%. This trend will continue in near future. Furthermore, decisive factor for investment in the economy of the country is a developed legal framework and relevant regulations. At present, in Uzbekistan have been adopted more than 50 regulations that provide incentives and preferences for foreign investors - said Shavkat Tulyaganov.

Special attention during the forum has been paid for prospects of global textile and garment industry development. On this subject made a speech an expert of the United Nations Industrial Development Organization (UNIDO), David Lee.

-The market is changing very quickly and we should allow investors to make their own decisions - stressed the expert.

About prospects of cooperation in the textile industry of Uzbekistan to forum participants has told the chairman of SJSC \"Uzbekyengilsanoat\", Ilkhom Khaydarov.

- At present, all over the country operate cotton processing factories, implemented the cleaning process at a high level quality. 22 terminals are operating in Uzbekistan. Interested investors can locate their factories in every region of the country, and terminals will be close to production - says Ilkhom Khaydarov.

In his presentation on \"Financing of investment projects\", Deputy Chairman of the National Bank for Foreign Economic Activity of the Republic of Uzbekistan, Azim Ahmedhodjaev said that the majority of corporate clients are involved in the textile sector.

- The National Bank is one of the largest financial institutions in CIS countries and is among the largest banks of the world. It has an extensive network of branches and mini-banks located in all regions of the country, and providing a wide range of modern banking services to more than 2.7 million retail and corporate customers. In accordance with resolutions of the Head of the state, the National Bank is actively involved in the reconstruction of the enterprises, including textile companies that have faced with economic difficulties during a global financial and economic crisis. For this purposes, have been created two investment companies, which control more than 39 enterprises, including 14 textile companies, owned by the National Bank, - said the speaker.

Noteworthy that the government of Uzbekistan is actively assisting to bring local enterprises to foreign market. At present, in our country is being produced various textile productions: from yarn to ready clothes and different silk goods, which are successfully exported.

-Today Uzbekistan is at the sixth level on export and supply of the cotton yarn on the competitive prices that means that product is of a high quality. Noteworthy that each 4-5 years we succeed a double growth of textile production export. Our foreign trade company is presented in different countries, including China, Turkey, Europe countries and others. We have good business relations with the main department stores, located in these countries,-said deputy chairman of SJSFC “Uzmarkazimpex” Kamoliddin Nuriddinov.

In addition, at the event with their presentations made speeches, Deputy Minister of Labour and Social Welfare, Furqat Khalilov, chairman of the Commerce and Industry of Uzbekistan, Alisher Shaykhov and Deputy Director of the National Centre for Human Rights, Akhmadjon Ismailov. In presentation frameworks were considered additional measures to ensure the protection of labor and human rights and the implementation of relevant Conventions (international organization of labor).

On results of the end of the plenary session was signed the bilateral agreements on the implementation of the investment projects. (Source: Uzreport Agency)