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    Economics

    Uzbekistan targets $12 bn in local industry exports for 2024

    Uzbekistan targets $12 bn in local industry exports for 2024

    Uzbekistan sets a target to escalate the exports of its local industry to $12 bn in 2024, Trend News Agency reported. In 2023, firms engaged in exports were granted UZS 665 bn ($53.1 mn) in aid, which enabled them to ensure exports worth $3.2 bn. Nevertheless, not all industries and areas were able to successfully use the money. Exports from sectors like electrical engineering, agriculture, pharmaceuticals, and jewellery fell short of expectations.

    Photo: Industrial exports
    Source: The Thoms Blog
    2,709 potential exporters did not receive any support from industry associations. The plan is to integrate regional manufacturing, industrial zones, and exports into a single system. It is suggested that 12 sectoral and industrial associations be incorporated into the system of the Chamber of Commerce and Industry.

    This move will transition the responsibility of project support and exports from the state to entrepreneurial self-governing organizations, thereby facilitating decision-making based on the needs and concerns of entrepreneurs and enhancing their interaction.

    The country sets to establish a trade development company to replace existing sector agencies. The new entity will employ international experts to elevate domestic products to global standards, aid in market expansion, and boost national brands. Support measures, including subsidies and compensations, will be provided based on entrepreneurs’ sustainability ratings.

    The collaboration between the Chamber of Commerce and Industry and the Uzbekexpertiza will be intensified. Project offices dedicated to assisting entrepreneurs will commence operations in each district. It was emphasised how important it is to assess the applicability of associations' roles and performance standards as well as how important it is to improve managers' and employees' abilities.

     

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    16.03.2024, 11:01   Comments (0)   1640
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