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Bangladesh’s textile investment prospect in Uzbekistan

The recent 14-member high-level delegation visit from Bangladesh to Uzbekistan has opened up doors of opportunity for businesses. Both the country’s discussed in detail the current agenda of bilateral cooperation in the areas of investment, trade, economic, industrial, cultural and humanitarian.

They discussed the prospects to establish joint textile clusters, as well as attract leading experts from Bangladesh as consultants on the development of the textile industry in Uzbekistan.

Among the delegation, Mohammad Ali Khokon, President, Bangladesh Textile Mills Association (BTMA) held several meetings and signed a Memorandum of Understanding (MoU) with his Uzbek counterpart regarding Investment opportunities by the Bangladeshi businessmen and industrialists in Uzbekistan. Uzbekistan offered land free of cost in addition to power and gas connections.

Figure: The recent 14-member high-level delegation visit from Bangladesh to Uzbekistan has opened up doors of opportunity for businesses. Courtesy: Collected

As recently, the USA lifted a ban on Uzbekistan’s textile industry that used children labor forcibly, paving the way for international investment there.

“We have signed some MoU’s 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,” said Khokon.

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 added. However, Khokon, did not specify the sectors Bangladesh entrepreneurs that comprise his entourage, have shown their interests in.

The Bangladesh team explored more economic and developmental opportunities for the country by highlighting the bright business opportunities of the country.

Bangladesh exports more goods to Uzbekistan than imports. The export items include jute and jute products, pharmaceutical and readymade garments (RMG). In the last financial year, Bangladesh earned $24 million from this market by exporting products.

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