Navoi Mining and Metallurgical Company (NMMC), a key player in Uzbekistan's mining and metallurgical sector, has reported robust performance in the first three quarters of 2023, demonstrating impressive growth and significant contributions to the nation's economy.
During this period, NMMC achieved remarkable success by producing products valued at more than UZS 48.8 trillion (over $4bn). This substantial figure represents a notable increase of 14.3% compared to the same period in the previous year (9M22). This achievement is a testament to NMMC's commitment to excellence and its pivotal role in the country's industrial landscape.
One of the driving forces behind NMMC's success is its strategic investment program. In the first three quarters of 2023, the company directed substantial funds amounting to $375mn towards various investment initiatives. These investments play a crucial role in modernizing and expanding NMMC's operations, enhancing efficiency, and ensuring the long-term sustainability of its activities. Despite the challenges posed by a dynamic global economic environment, NMMC's commitment to prudent investments remains unwavering.
In addition to its economic contributions, NMMC continues to be a significant source of employment in Uzbekistan. Over the January-September period in 2023, the company created 1,196 new jobs, providing employment opportunities for individuals and contributing to the nation's workforce development. These jobs not only stimulate economic growth but also improve the livelihoods of local communities.
NMMC's commitment to supporting local industries and fostering economic cooperation is evident through its Localization program. Under this initiative, the company has actively promoted the production of localized products, resulting in a remarkable output of localized goods valued at UZS 498bn (over $40.8). This represents a substantial increase of 20.9% compared to the same period in the previous year. The Localization program contributes to reducing reliance on imports and boosting domestic production, a key driver of economic self-sufficiency.
Furthermore, NMMC's role as a catalyst for intersectoral industrial cooperation is highlighted by its procurement activities. In the first three quarters of 2023, NMMC purchased products worth more than UZS 4 trillion ( over $328mn) through such cooperation. This figure represents an impressive 11.1% increase compared to the same period in the previous year. By collaborating with various sectors, NMMC not only meets its operational needs but also stimulates economic activity across a wide range of industries.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)