TEXPROCIL inks pact to enhance textile co-operation with Uzbekistan
18 Nov '06
2 min read
A high level delegation from Uzbekistan, in partnership with TEXPROCIL and ICICI Securities, organized a presentation on 14th November, 2006 at New Delhi, highlighting investment opportunities in Uzbekistan for entrepreneurs from the textile sector in India.
Mr. Rahamtullah Ruzikulov, Minister of Light Industry, Uzbekistan, led the delegation. Mr. Prem Malik, Chairman of Texprocil headed the Indian Textile Industry at the interactive meeting.
Mr. EVS Elangovan, Minister of State for Textiles was the Chief Guest at the Meet. The incentives announced for potential foreign investors in Textile Industry in Uzbekistan include exemption from all taxes like Income Tax, Customs duty excepting payment of VAT.
The only basic requirement for investors would be that the textile products should be made from 100 per cent cotton, of which not less than 30 per cent must be Uzbek cotton.
These concessions currently valid until January 1, 2009 also envisage a 15 percent discount on price of raw cotton from the price set at the Liverpool Cotton Exchange "A" Index if the cotton is used in production of yarn by foreign investors in Uzbekistan and 20 percent if the enterprises purchase cotton for use in full production cycle i.e. from yarn to finished goods.
Texprocil pact Recognizing the potential for greater economic co-operation in the textile and clothing sector between the Indian entrepreneurs and the Government of Uzbekistan.
Texprocil has singed a Memorandum of Understanding (MoU) with the Government of Uzbekistan for enhanced co-operation between the textile industries in the two countries.
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