The delegation of the Republic of Uzbekistan visited the People's Republic of Bangladesh.

On January 24-27, 2018, the delegation of the Republic of Uzbekistan headed by the First Deputy Minister of Economy M. Mirzaev and representatives of ministries, departments and industry enterprises visited the People's Republic of Bangladesh.

The purpose of the trip was to study the experience of the Republic of Bangladesh in the development of textile, clothing and knitting industries.

During the visit, a number of meetings were held with representatives of the textile industry. In which it was noted that this meeting is a favorable opportunity for a thorough exchange of views on the prospects for the development of bilateral cooperation.

During the talks, issues of trade and economic cooperation were also discussed in detail. The economic and investment potential of the two states was demonstrated, directions for cooperation at a new stage were outlined.

At the meeting, the Uzbek delegation presented the export and investment potential of the Republic of Uzbekistan. The participants of the event were thoroughly acquainted with the large-scale and systemic economic reforms being carried out in the country aimed at creating a favorable business environment and an attractive investment climate.

At the same time, attention was paid to the measures taken to support entrepreneurship and business development, creation of a fundamentally new and strong system of guarantee and protection of the rights and legitimate interests of business entities, attracting the population to create their own business, facilitating the procedures for foreign economic activity, etc.

In turn, during negotiations the Minister of Textiles and Jute of the Republic of Bangladesh, Mr. Emaz Uddin Pramanik, spoke about the development stages of the textile industry of the Republic of Bangladesh and noted the export of textile products of the Republic of Bangladesh was $ 28.1 billion for 2017, whose share in total exports was 81.0% or 12.4% of GDP.

The Bangladesh side showed great interest in the latest decisions of the Uzbek leadership on liberalization of the foreign exchange market and export-import operations, as well as free economic and small industrial zones created in the country with attractive working conditions for foreign investors.

During the visit the delegation was organized to travel to the company "Turag Knit Composite Ltd", which is included in the top 20 enterprises of the Republic of Bangladesh, specializing in the production of ready-made garments and knitwear. The given enterprise delivers the manufactured products to the markets of the EU countries.

For reference: The annual volume of production in 2017. amounted to 50 million dollars. 100% of production is exported to EU markets, incl. 50% in Germany. The enterprise employs 5-7 thousand people, depending on the volume of the order and the season. The enterprise has a full production cycle and consists of 9 production workshops (production of linen, dyeing, printing, finishing, sewing and packing shops). The system is organized in such a way that after production of finished products, the products are delivered to retail chains. In addition, for the uninterrupted operation of production, electricity is provided using natural gas. And also in the given enterprise the system of water supply with use of rain waters is adjusted. Practically the given company does not use water from the central water supply and the electric power. It is planned to increase production to $ 80 million a year, by attracting investments.

Within the framework of the visit, the domestic textile enterprises of the Uztekstilprom Association visited the exhibition "Yarn and Fabrics Fair 2018", which was attended by textile companies from India, China, Pakistan, Singapore, Turkey, etc.

As a result of the exhibition, a Memorandum of Understanding was signed between OOO "Agency for Advertising and Marketing of Textile Products" and "New Look Apparels Ltd" for the supply of yarn worth $ 5 million, the Memorandum on marketing services between LLC "Agency for Advertising and Marketing of Textile Products" and "Acotex HK Ltd" was also signed.