President Shavkat Mirziyoyev expressed concern over the sluggish pace of the investment and foreign trade system in a meeting on export, investment, and local industry on January 18. The meeting focused on addressing the challenges faced by the nation in these critical areas, presidential press secretary, Sherzod Asadov reported. The president, chairing the meeting, underscored the need for a concerted effort to enhance foreign investments and increase exports to sustain the momentum of economic growth.
Highlighting the significant strides made in augmenting the gross domestic product (GDP), the head of state emphasized that relying solely on domestic investment and the domestic market would not be sufficient to achieve the overarching economic goals.
"Our only way forward is to actively attract foreign investments and increase exports," remarked the president, setting the tone for the discussions that followed.
However, President Mirziyoyev expressed concern over the sluggish pace of the investment and foreign trade system, comprising 11 ministries and offices directly responsible for investment, industry, and export, along with 10 associations, diplomatic missions abroad, and deputy heads overseeing export and investment in all ministries, sectors, and regions.
Sherzod Asadov in his telegram channel noted that in the current complex situation, the system lacks a thorough analysis of investment and export, urging for a more dynamic and responsive approach to the challenges faced by the nation.
One of the major challenges highlighted was the decline in exports due to the devaluation in the countries that serve as the primary markets. Global conflicts and logistical issues have also contributed to a reduction in exports to these markets.
President Mirziyoyev noted it is crucial to recognize that this complex situation did not arise overnight. He further emphasized that the Ministry of Investment and sector leaders must take responsibility for not diversifying export markets in a timely manner.
The meeting aims to foster collaboration among various stakeholders to formulate effective strategies for boosting foreign investments, revitalizing the local industry, and devising plans to diversify export markets.
Earlier Daryo reported that Uzbekistan saw a substantial increase in foreign investments in 2023, disbursing over $22bn—an impressive 1.8 times more than in 2022. President Mirziyoyev has emphasized the continued necessity of expanding investments in 2024, particularly in key sectors such as the electrical industry, mechanical engineering, pharmaceuticals, textiles, and leather. Mirziyoyev has also stressed the importance of harnessing the potential of Free Economic Zones (FEZs) and industrial zones, along with a commitment to diversify the economy. These strategic measures aim to bolster the nation's economic resilience and facilitate sustainable growth.
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