RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of October 31, 2014 No. 305

About measures for the organization of modern textile production in the Qarshi district of the Kashkadarya region

For the purpose of attraction of direct foreign investments for the organization of modern high textile technology production, increase in the export potential of industry, and also creation of new workplaces the Cabinet of Ministers decides:

1. Approve the Investment contract between the Government of the Republic of Uzbekistan on behalf of the Ministry of Foreign Economic Relations, Investments and Trades of the Republic of Uzbekistan and the company "by LT Textile Cooperatief U.A." (Netherlands), signed on October 17, 2014, providing specific obligations of the foreign investor on project implementation on the organization of modern high textile technology production on the provided parcel of land of 30 hectares in the Qarshi district of the Kashkadarya region.

2. Take into consideration that according to the signed Investment agreement the company "LT Textile Cooperatief U.A." (Netherlands) assumed liabilities on:

to investment during 2015-2016 at least 55 million US dollars, including by own company funds - at least 17 million US dollars and the credits of foreign banks - at least 38 million US dollars, without attraction of guarantee of the Government of the Republic of Uzbekistan;

the organizations of the textile production equipped with the new, modern, high-technology and energy efficient equipment and also to creation of the specialized service center for servicing of the textile equipment;

to the term of input of textile production in operation in November, 2016, with exit in the first quarter 2017 on design capacity on conversion of 20 thousand tons of cotton fiber and production of 15 thousand tons of cotton and mixed yarn in year;

to the direction for export at least 80 percent of products and to creation of 700 new workplaces after exit of the created production to design capacity;

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