India ITME Society, India’s apex industry body,recently organised “India Networking Programme” at Uzbekistan coinciding with CAITME.
The event aimed at highlighting the strengths and opportunities offered by India, home to 2nd largest textile market in the world & invites business delegation from Uzbekistan to “India ITME 2022,” the most prestigious textile machinery and accessory exhibition hosted in India once in 4 years from 8 to 13 December 2022 at Greater Noida.
This year the exhibition is expanded to include end-to-end solution for fibre-to-end products and complete sourcing solutions and latest technology.
It was highlighted during the event that the Uzbekistan, strategically located in the heart of central Asia, is the 6th largest cotton producer.
Cotton contributes 68 per cent to the country’s export of fibre, which was recorded to be US $ 2.66 billion in 2021.
Foreign investments are huge in the country with around 300 textile companies established through foreign investment from China, South Korea, Russia, India, Singapore, Germany, Switzerland and others.
The country is having high exports of textile vis-à-vis its imports in 2021. Its exports in overall textiles and apparel are increasing at a CAGR of 18 per cent.
The export of value-added apparel was worth US $ 6.45 billion in 2021. The country majorly imports manmade fibres alone contributing 95 per cent to the total imports worth US $ 0.37 billion in FY ’21.
Having a well-developed spinning segment, the country exported US$ 32.53 billion in FY ’21. The fabric exports were US $ 8.06 billion in the same year.
With the dynamics of youth and urbanisation in Uzbekistan combined with India’s brand image and strong engineering background, a strategic partnership by mapping the skill-set of both countries will bring prosperity to both countries. Both India and Uzbekistan having the strength and rich heritage in cotton will only benefit from one another.
S. Hari Shankar, Chairman, India ITME Society, formally extended an invitation to India ITME 2022 in December to “Explore the Soul of Textiles.” He also encouraged an official delegation from Uzbekistan, which could mark a beginning of a stronger bilateral trade and investment activities in textile sector between India and Uzbekistan.
