In a recent meeting on November 28, President Shavkat Mirziyoyev underscored the pivotal role of the electrical industry in Uzbekistan's economic growth and outlined comprehensive strategies to enhance its capabilities.
Over the past six years, Uzbekistan has witnessed the initiation of 224 projects in the electrical sector, totaling an investment of $640mn, according to the press service of the head of state. With an optimistic outlook, exports from these projects are projected to reach $1bn by the end of the current year.
However, President Mirziyoyev acknowledged a significant reliance on imported electrical products, amounting to $800mn annually. Recognizing the potential for growth, he emphasized the region's overall $3bn market and outlined plans for Uzbekistan to secure a more prominent position by fostering collaboration with reputable brands.
"To take a worthy place in this market, it is necessary to establish cooperation with prestigious brands and produce competitive products. This will be a particular focus of 141 projects worth $2bn planned for next year," stated the press release from the head of state.
As part of this ambitious trajectory, the year 2023 is set to witness the commissioning of 2 gigawatts (GW) of solar and wind power plants, with an additional 4 GW slated for 2024. Recognizing the demand for cables, generators, inverters, and transformers in this context, President Mirziyoyev emphasized the importance of localizing the production of these components and obtaining international quality certificates.
Allocating a budget of $100mn for government support, President Mirziyoyev aims to drive the adoption of advanced technologies, innovations, and international standards within the electrical industry. This financial backing is poised to fuel the sector's evolution, ensuring that it remains at the forefront of technological advancements.
The leaders overseeing the sector reported ambitious plans to increase production by 20% in the coming year, coupled with a drive to boost copper processing volumes to 140,000 tons. The potential for a substantial increase in exports, reaching $1.5bn in the near future and aiming for $2bn by 2025, further underscores Uzbekistan's commitment to positioning itself as a key player in the global electrical market.
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