In the dynamic landscape of Uzbekistan's economic endeavors, the year 2023 showcased remarkable achievements in investments, exports, localization, and industrial cooperation, investment consulting company Invexi presented on March 27.
Investments
Uzbekistan attracted a substantial influx of foreign investments amounting to $22.4 bn in 2023, signifying a growth trajectory. $19.5 bn of these investments were in the form of direct foreign investments and loans, marking a notable increase of 193%. The launch of 306 projects under the state investment program contributed to the creation of over 56,000 new jobs, fostering economic development and prosperity.
Export
The country's export sector experienced robust growth, with total exports reaching $16.6 bn by the end of 2023. Noteworthy expansions were observed across various sectors, including electrical engineering, automotive, oil and gas, pharmaceuticals, transportation, tourism, and information technology. Key regions driving export growth included Tashkent city, Khorezm, Fergana, Surkhandarya, and Syrdarya. The emergence of 3,144 new enterprises engaging in export activities further bolstered the export landscape, with a notable diversification of exported products.
Localization and Industrial Cooperation Sectors
Uzbekistan prioritized localization efforts to reduce product imports and enhance domestic production capabilities. In 2023, a robust localization program facilitated the production of import-substituting products worth UZS 82.8 trillion ($6.6 bn), a significant increase compared to previous years. Sectoral and regional enterprises played pivotal roles in this endeavor, contributing to the efficiency of import substitution, which amounted to $6.7 bn.
Development of Industrial Zones
The development of industrial zones proved instrumental in job creation and economic growth, with over 27,000 new jobs generated through the launch of 963 investment projects in 766 industrial zones. These initiatives resulted in the production of products worth UZS 53.3 trillion ($4.2 bn) and exports totaling $972 mn, further solidifying Uzbekistan's industrial prowess on the global stage.
International Cooperation
Uzbekistan actively engaged in international cooperation, utilizing $2.8 bn in loan funds within various projects in collaboration with international financial institutions and foreign governmental organizations. The year saw the organization of more than 50 international events, fostering dialogue and partnership opportunities. Notably, high-level visits resulted in the signing of approximately 1,000 agreements valued at $140 bn, underscoring Uzbekistan's commitment to forging mutually beneficial partnerships on the global front.
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