Uzbekistan to launch gold processing and sales center in Namangan
Tue Mar 26 2024
President Shavkat Mirziyoyev has directed the establishment of a significant gold processing and sales center in Namangan, inspired by Turkey's successful model, press secretary of the president reported on March 26. The president's directive came during a meeting focused on exploring the region's potential, emphasizing the need to maximize the utilization of local resources.
Currently, only a small fraction, approximately 6%, of the gold extracted in Uzbekistan undergoes processing, resulting in a relatively modest export figure of $78 mn. Highlighting the untapped potential in the jewelry sector, President Mirziyoyev referenced a recent encounter with a jewelry company, underscoring the need to ramp up production and export volumes.
To address these challenges and capitalize on opportunities, the President announced plans to establish jewelry zones with special incentives for entrepreneurs. These zones will offer conducive environments for business operations, facilitating the entire production chain from the supply of raw materials to sales distribution.
Furthermore, the initiative will involve a comprehensive overhaul of the industry, encompassing measures such as specialist training programs and enhancements to the production and sales infrastructure. Drawing inspiration from Turkey's successful gold processing and sales centers, Uzbekistan aims to emulate their achievements and replicate their best practices.
Earlier Daryo reported that President Mirziyoyev praised the Gavkhar Group as an exemplar of government initiatives fostering confidence among jewelers. Established in 2022, the company has diversified its product range, collaborated with foreign partners, and employs over 100 individuals, including youth. It specializes in custom-made product production using 3D modeling. The president emphasized the importance of enhancing access to working capital for jewelry manufacturers.
Source: https://daryo.uz