New Holding Company in Cotton Sphere EstablishedPresident of Uzbekistan Islam Karimov signed a decree “On establishing Uzpakhtasanoatexport holding company” on 27 October 2015.
The new company is founded in order to create a unified complex on receiving and further processing of raw cotton and export of cotton-fiber, taking into account world market requirements, to improve quality and competitiveness of cotton, fat and oil iproducts, to widely attract investments, including foreign investments, for modernization and technical and technological re-equipment of ginneries and vegetable oil enterprises of Uzbekistan.
Newly created Uzpakhtasanoatexport will be mainly responsible for receiving, processing and exporting cotton-fibre and will include Uzpakhtasanoat JSC, which will replace Uzpakhtasanoat association, Uzpakhtaexport JSC, which will be formed by transferring government shares in foreign trade companies under the Ministry of foreign economic relations, investments and trade as well as Uzpakhtayog’ JSC, which will be formed by transferring government shares in fat and oil enterprises.
Uzpakhtasanoat JSC will specialise in receiving and processing raw cotton, while Uzpakhtaexport JSC in organising storage and exporting cotton fiber. Uzpakhtayog’ JSC will operate in the sphere of producing cotton oil.
The main goals and activities of Uzpakhtasanoatexport are identified as to organise marketing research on global and regional cotton markets, to carry out a single policy on receiving and processing raw cotton and to sell cotton-fibre in international markets. It will also process cotton seeds, produce cotton oil and other related products, carry out single policy on modernization of enterprises of the industry.
A governmental commission, headed by Prime Minister Sh.Mirziyoyev is also established, which is tasked with coordinating and supporting formation of the holding company, including developing charter documents, new organisational structures and staffing of the new companies.