Textile clusters to receive a loan in the amount of 3 trillion soums for working capital

Cotton-textile clusters will receive a loan in the amount of 3 trillion soums for working capital. This was stated on August 18 by Shavkat Mirziyoyev during an open dialogue with entrepreneurs.

According to the head of state, the transition to the cluster system in the shortest possible time led to significant changes in agriculture. Thus, in six years, the yield of raw cotton per hectare has increased from 26 to 34 centners. In particular, in Andijan, Bukhara, Namangan, Samarkand, Kashkadarya, Khorezm and Tashkent regions, the yield reaches 40 centners.

Also, cotton processing increased by 2.5 times, reaching 100%, yarn production - by 2.2 times, and finished products - by 5 times. In 2022, the export of textile products amounted to $3.2 billion. Next year, it is planned to increase it by one and a half times and bring it to $5 billion. At the moment, the clusters provide 600,000 people with jobs.

In addition, the President spoke about the losses incurred by the clusters for 6 trillion soums, associated with a large difference between the cost of cotton in the world and domestic markets. According to Gazeta.uz, local clusters bought cotton at twice the world price. In this regard, it was decided to extend the loan debt by 3 trillion soums for a year and a half.

Cotton-textile clusters for working capital will receive a loan for 3 trillion soums, calculated for a year and a half.

In addition, the state will cover 50% of the transport costs for the import of cotton and artificial fibers. At the same time, raw materials, paints and varnishes and chemicals, fittings, cooling systems and accessories will be exempt from customs duty for a period of three years.