Uzbekistan intends to attract $2 bln in foreign investment for light industry in 2025

TASHKENT. Dec 13 (Interfax) - Uzbekistan plans to implement 82 major projects in light industry in 2025 and attract over $2 billion in foreign investment, Uzbek President Shavkat Mirziyoyev's press service reported following a government meeting conducted by the president on measures to improve the efficiency of reforms in the textile and leather industries.

Consequently, 25,000 new jobs are expected to be created, with textile exports expected to rise to $4 billion and leather product exports to $250 million.

"These [light] industries play an important role in providing employment to the population and increasing exports. They employ 430,000 people. The share of light industry in the overall production volume is 14%, and it is 16% of exports. However, the situation on foreign markets is changing rapidly in the current difficult times, which has resulted in export prices declining, namely yarn by 9%, fabrics by 15%, and finished products by 13%. Moreover, there has been a decline in demand for finished products in the main export directions," the press service said.

Meeting participants discussed measures to adapt to the current conditions and mobilize domestic resources fully. Consequently, it is necessary to boost advanced processing of fiber and yarn by up to 70% amid dropping prices for cotton fiber on the global market.

Uzbekistan exported textiles totaling $2.6 billion in January-November this year.

"The existing capabilities of the industry render it possible to increase this figure significantly," Mirziyoyev said in the press release.