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    Uzbekistan

    Uzbekistan unveils $100 mn plan to revive Syrdarya economy

    Uzbekistan unveils $100 mn plan to revive Syrdarya economy

    President Shavkat Mirziyoyev's visit to Saykhunabad district in the Syrdarya region of Uzbekistan, on March 14, shed light on the challenges hindering the district's economic progress and unveiled a comprehensive plan aimed at rejuvenating its economic landscape, press service of the president reported.

    "We are allocating large amounts of money to entrepreneurship, employment, and poverty alleviation. Our goal is to teach how to make UZS 1 mn ($79) and UZS 2 mn ($159) of income from each square meter by utilizing farms, household production, and enhancing services," President Mirziyoyev asserted.

    Despite substantial allocations, the district faced significant hurdles in translating investments into tangible economic growth. Last year, the state injected UZS 120 bn ($9.6 mn) into Saykhunabad for entrepreneurship, resulting in only 968 formal jobs created in the private sector. Furthermore, while 167 new entrepreneurs emerged in 2023, half of them have yet to initiate operations.

    The stagnation in industrial development was evident, with 16 out of 19 neighborhoods lacking facilities capable of creating high-value-added products. Additionally, the failure to fully utilize available land resources compounded the district's economic woes. Saykhunabad, boasting over 20 hectares of arable land per household, struggled to diversify its agricultural output beyond corn and alfalfa cultivation.

    Inefficient water management practices exacerbated the situation, with only 22% of lands employing water-saving technologies. The incomplete concreting of canals led to water scarcity on 5,000 hectares of land across nine neighborhoods.

    In response to these challenges, the government outlined a multifaceted strategy to revitalize Saykhunabad's economy. This strategy includes:

    • Initiatives to empower local households: An experiment involving the distribution of mini-tractors and motor cultivators to each of the 19 neighborhoods aims to boost agricultural productivity. Additionally, plans are underway to establish model intensive gardens in 10 households per neighborhood, facilitating cooperation with exporters and enhancing storage and processing capabilities.

    • Stimulating entrepreneurship and export capabilities: The government plans to establish enterprises supporting export, injecting UZS 1 bn ($79,552) into their charters. Moreover, grants ranging from UZS 300 mn ($23,865) to UZS 1 bn ($79,552) will be provided to exporters and advanced entrepreneurs, while a preferential loan program will incentivize livestock breeding among 1,500 households.

    • Infrastructure development and industrialization: A significant portion of the allocated funds—UZS 60 bn ($4.8 mn)—will be dedicated to improving business infrastructure. Furthermore, the establishment of a small industrial zone in the "Farovon" neighborhood, spanning 35 hectares, aims to attract industrial projects worth at least $100 mn.

    By addressing these key areas, the government aims to catalyze economic growth and uplift living standards in Saykhunabad. President Mirziyoyev's directive extends similar initiatives to all 9,452 neighborhoods.

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    14.03.2024, 19:00   Comments (0)   1145
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