Volume 03 Issue 04-2023
38
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
03
ISSUE
04
Pages:
38-44
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
(2023:
7.
164
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
Comprehensive measures are being implemented in our country to develop the textile and sewing-knitting industry,
to support the investment and export activities of enterprises in the sector. Privileges given by our state to support
entrepreneurs create an opportunity for further development of this industry.
KEYWORDS
Textiles, export, credit, preferential period, trading houses.
INTRODUCTION
The share of industrial products in the gross domestic
product of Uzbekistan is growing day by day. In
particular, the share of textile products in the export of
industrial products is significant. According to
preliminary data, the GDP of the Republic of
Uzbekistan in January-December 2022 at current prices
will be 888,341.7 billion. amounted to soums and
increased by 5.7% in interest compared to the
Research Article
FINANCIAL MECHANISMS OF SUPPORTING TEXTILE PRODUCTS
EXPORT
Submission Date:
April 18, 2023,
Accepted Date:
April 23, 2023,
Published Date:
April 28, 2023
Crossref doi:
https://doi.org/10.37547/ajsshr/Volume03Issue04-08
Akhunova Shokhistakhon Numonjonovna
Fergana Polytechnic Institute, Dotsent, Uzbekistan
Abdusattorova Moxirabonu Abdugappor Qizi
Fergana Polytechnic Institute, Assistant, Uzbekistan
Gaybullayeva Gulbaxor Maxmudovna
Fergana Polytechnic Institute, Assistant, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ajsshr
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 03 Issue 04-2023
39
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
03
ISSUE
04
Pages:
38-44
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
(2023:
7.
164
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
corresponding period of 2021. The industrial sector
made the biggest contribution to the growth of GDP, it
made 5.2%, of which the volume of production of
textile products increased by 9.8%.
As a result of the implementation of complex measures
for the development of the textile and sewing-knitting
industry in our country, as well as for the support of
investment and export activities of industry
enterprises, 45% of cotton fiber and yarn produced in
the republic is being processed, as well as the annual
export potential of the industry exceeded 3.2 billion
dollars. At the same time, increased competition in
world markets, cost reduction due to the production of
mixed products by foreign manufacturers require
additional measures for the development of this
sector.
In the next five years, through deep processing of
cotton fiber, to increase the production volume of
high-added-value finished products, textile products
by 2.1 times and the export rate by 2.6 times, and to
produce carpets and home textile products. it was
achieved to bring the release to a new level.
According to preliminary data, in January-December
2022, 551.1 trillion will be spent by republican
enterprises. Soums worth of industrial products were
produced, and compared to January-December 2021,
the physical volume index of industrial production was
105.2%. In particular, in January-December 2022, the
share of textile production was 13.7%, the physical
volume index increased by 9.8%, and the production
volume was 62,757.0 billion. amounting to soums.
In January-December 2022, the share of the clothing
industry in the manufacturing industry is 3.8%, the
physical volume index is 105.5%, and the production
volume is 17,210.1 billion. amounted to soum.
During the year, 532 types of textile products were
exported to 69 countries of the world by total
enterprises of our country. Among exported textile
products, cotton yarn accounted for 45.2%, ready-made
knitwear and sewing clothes for 28.5%. 2,899.5 million
by the end of January-November this year. Exports of
textile products in US dollars accounted for 16.7% of
total exports and increased by 9.5% compared to last
year. Mainly export of textile products includes cotton
yarn, ready-made knitwear and sewing clothes,
embroidered fabrics, cotton gauze, silk and silk
products, cotton products and carpets.
Among the countries that purchase textile products,
the largest share is the Russian Federation at 1,156
million US dollars, 41% of the total export volume,
Turkey at 481.9 million US dollars, 21.8%, the Kyrgyz
Republic at 457.9 thousand US dollars, China 253.1
million US dollars, Iran with 74.9 million US dollars,
Poland with 73.2 million US dollars. In order to support
the activities of cotton-textile clusters, fundamentally
reform the textile and sewing-knitting industry, and
Volume 03 Issue 04-2023
40
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
03
ISSUE
04
Pages:
38-44
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
(2023:
7.
164
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
further increase the export potential of the industry, a
number of decree decisions are being adopted by the
head of our state. In particular, according to the Decree
of the President of the Republic of Uzbekistan No. PF-
2 of January 10, 2023:
By the end of 2023, by the end of 2023, by the Ministry
of Investments, Industry and Trade, the textile and
sewing-knitting
industry
of
the
"Uzto’qimachiliksanoat" association will be supported
by the state on a large scale. the tasks of increasing the
utilization of production facilities from 65% to 81%,
filling 35 thousand vacancies, including providing
employment to the population registered in the social
registers.
To the Export Support Fund under the Export
Promotion Agency for continuous provision of working
capital, including revolving funds, by the Recovery and
Development Fund to enterprises exporting gauze,
knitted fabric and ready-made sewing and knitting
products, according to his order, funds in the amount
of 200 million US dollars were allocated for a period of
3 years at an annual rate of 4 percent.
If enterprises exporting textile products accept
obligations to ensure export in the amount of 50% of
the total volume of their manufactured products, the
credit should be set at least 30% of their own funds,
including buildings and structures, working capital. if it
is confirmed that there are no overdue debts in terms
of obligations, in commercial banks, based on their
order, in the amount of 100 million US dollars, for a
period of 10 years, with a 3-year grace period at an
annual rate of 4 percent and for the rest of the period
at an annual rate of 5 percent, gas, carpeting, the
opening of credit lines for production projects of
dyeing-finishing, ready-made sewing-knitting products
has been established. However, if the export
obligation is not fulfilled by the enterprise, the interest
rates calculated during the preferential period of the
loan will be recalculated at an annual rate of 5 percent.
The annual interest rate set by commercial banks for
loans allocated from the resources of the Recovery and
Development Fund has been set at an amount not
exceeding 1 percent. Also, in order to encourage the
export of textile products, commercial banks will
provide working capital to textile and sewing-knitting
enterprises through revolving credit in the amount of 1
trillion soums for 24 months, including a 6-month grace
period of no more than 2%. loans are allocated using
bank margin.
According to the decree of the President, the demand
for one-month advance payment for electricity
consumption
for
textile
and
sewing-knitting
enterprises has been canceled. The Export Promotion
Agency will reimburse 50 percent of the costs of
introducing financial reporting to textile and sewing-
knitting enterprises based on international standards,
but no more than $25,000. In this case, it was
Volume 03 Issue 04-2023
41
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
03
ISSUE
04
Pages:
38-44
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
(2023:
7.
164
)
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
determined that these costs will be covered by the
enterprise after attracting debt funds from
international financial institutions and foreign
commercial banks in the established order.
Financial resources in the following amounts will be
allocated for up to 3 years, based on the volume of
exports made during the last 12 months, from the
account of the export support fund for textile
enterprises:
•
when the export volume is up to 5 million
dollars - up to 1 million dollars;
•
when the export volume is from 5 million to 10
million dollars - up to 2 million dollars;
•
when the export volume is from 10 million to 15
million dollars - up to 3 million dollars;
•
when the export volume is from 15 million to 20
million dollars - up to 4 million dollars;
•
when the export volume exceeds 20 million
dollars - up to 5 million dollars.
It is envisaged that textile and sewing-knitting
enterprises will be allowed to transfer funds up to
100,000 US dollars per year for the establishment of a
trading house and store abroad without separate
decisions.
The financial resources allocated for the purpose of
supporting exports in textiles have a positive effect on
the further development of the production
environment, the expansion of the scale of production,
the creation of new jobs, and the increase of the
product range to world standards. I believe that it will
lead to an increase in the volume of exports of suitable
competitive textile products.
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44
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
03
ISSUE
04
Pages:
38-44
SJIF
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FACTOR
(2021:
5.
993
)
(2022:
6.
015
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(2023:
7.
164
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OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
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