Bangladesh yarn producers to invest in Uzbekistan

Bangladesh Textile Mills Association has signed a number of Memorandum of Understandings with the Uzbekistan government for setting up textile and other industries in the central Asian country.

Recently, the USA lifted a ban on Uzbekistan’s textile industry that used children labour forcibly, paving ways for international investment there.

“We have signed some Memorandum of Understandings (MoUs) for setting up industries in Uzbekistan after prospective meetings with the Uzbekistan government officials and local stakeholders. We will invest in some of the industries,” Muhammad Ali Khokon, president of BTMA told the Business Insider Bangladesh over WhatsApp from Tashkent, on Thursday.

said Bangladesh’s entrepreneurs are forging a relationship with the Uzbek government so that “we can do inter-venture projects in the country for a longer period.” He, however, did not specify the sectors Bangladesh entrepreneurs that comprises his entourage, have shown their interests in.

Bangladesh primarily imports raw cotton from the country and millers procured natural fibres worth $250.31 million in 2015, according to the United Nations COMTRADE database on international trade.

The BTMA President said he will organise a press conference to let the journalists know on the outcome of his visit, after returning home.

Currently, Bangladesh’s apparel manufacturers and BTMA locked their horns over increasing yarn prices.

Uzbekistan is well-known for its quality cotton and Bangladesh has been looking for cheaper cotton as clothing orders piled up here.