During a meeting focused on the social and economic progress of the Khorezm region, President Shavkat Mirziyoyev announced the allocation of UZS 11.5 trillion ($919.3mn) in credit to foster "home industry" entrepreneurship in local neighborhoods. This substantial financial injection aims to catalyze economic growth and create opportunities for local businesses.
Comprehensive Development Program for Districts and Cities
To ensure the effective utilization of these funds, a comprehensive development program for each district and city within Khorezm has been approved. This strategic approach will prioritize targeted investments and initiatives tailored to the unique needs and potential of each locality.
Embracing the "Home Industry" Model
Taking inspiration from China's successful "home industry" model, Khorezm will focus on developing sectors with high potential for growth. Specifically, districts like Bogot, Yangariq, Yangibozor, Koshkopir, and Urganch exhibit promising opportunities for wool and cocoon processing, while Hazorasp, Khiva, Tuproqkala, and Khanka are known for their expertise in carpet weaving.
Establishment of Silk-Making and Carpet-Making Cooperatives
To harness the region's strengths, silk-making and carpet-making cooperatives will be established in the aforementioned districts. These cooperatives will play a vital role in providing training and employment opportunities, with a target of training at least 10,000 families. Additionally, eligible individuals will have access to unsecured loans of up to UZS 100mn ($7,994), facilitating their participation in the burgeoning industry.
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