27.02.2023

On February 27, President Shavkat Mirziyoyev held a meeting on issues of attracting investment and industrial development.

In recent years, direct foreign investment in the amount of $31 billion has been attracted within the framework of sectoral programs. As a result of resource development over the past 5 years, the volume of industrial production has increased 1.4 times and exports - 1.5 times.

In order to ensure a stable growth of the economy in the next five years, we need to increase the industry by 1.5 times more and bring exports up to $30 billion. This will require $120 billion of investment, including $70 billion of foreign investment.

This can be achieved by implementing a holistic policy on investment, industry, and exports. Therefore, in accordance with the Presidential Decree «On measures to implement the administrative reforms of the New Uzbekistan» the Ministry of Investment, Industry and Trade was created.

The important tasks of the ministry based on the situation in the world economy and financial markets have been defined at the meeting.

The task to assimilate this year direct foreign investments at the amount of $11 billion, to adjust targeted work with major investors was set. The importance of strengthening economic diplomacy and the role of diplomatic missions abroad in attracting investment was also pointed out.

By the end of the year, it is envisaged to launch 304 large and 3 thousand regional projects. Following their results, production worth 10 trillion Uzbek soums will be organized.

The President gave instructions to use additional reserves in industries and regions, to reduce production costs in order to improve its competitiveness.

The necessity to attract foreign consultants and to transform special and small industrial zones into «drivers» of regional development by concentrating newly created production units was emphasized.

The importance of mastering the production of new types of products in such industries as textile, leather, construction materials industry, electrical engineering, food, pharmaceuticals and jewelry, entering new markets by attracting global brands was noted.

It was instructed to activate the work of project groups to develop and promote new project proposals among investors.

Issues of attracting investment in the social sphere were also discussed at the meeting. It was instructed to form priority projects within the framework of programs to develop education, healthcare, drinking water supply and road infrastructure.