TASHKENT, Uzbekistan, September 15. Uzbekistan's Hokimiyat of Andijan Region signed a memorandum of cooperation in the textile industry with ITF GROUP, a U.S.-based company, in St. Louis, Missouri, US, Trend reports.
The primary objective of the memorandum is to further develop the textile sector in Andijan Region, attract direct foreign investment, implement modern technologies, and expand production capacities.
Under the agreement, initiatives will include attracting direct investment to the region, establishing modern textile enterprises, modernizing production processes, enhancing export potential by introducing local products to international markets, creating thousands of new jobs, and organizing training and retraining programs for qualified specialists.
In addition to its economic benefits, the memorandum is expected to boost investment activity in Andijan Region, promote local brands on the global stage, and strengthen Uzbekistan’s competitiveness in the global textile industry.
By the end of 2024, trade turnover between the two countries increased by 15 percent, reaching $881.7 million, while U.S. direct investment in Uzbekistan totaled $612.6 million. More than 300 companies with American capital are already operating in the country, including 167 enterprises with 100 percent U.S. ownership.