President Shavkat Mirziyoyev convened a meeting to address critical issues pertaining to the sustainable development of the economy of Uzbekistan and enhancing the industry competitiveness, the president's press service reports.
In the first quarter of 2024, the gross domestic product (GDP) is projected to expand by over 6%. This growth is attributed to robust support for entrepreneurship initiatives and the provision of stable energy resources during the winter season. Notably, the industry is set to grow by nearly 10%, with exports expected to reach $3.5bn, underscoring the economy's resilience and vitality.
Focus on Market Economy Foundations
Given the intensifying competition in the global marketplace, efforts are underway to solidify the foundation of the market economy in 2024, ushering in a new era of economic quality and enhancing the financial independence and stability of enterprises. Measures to optimize costs for large state enterprises and conserve energy resources were thoroughly discussed during the meeting.
Amidst challenging global conditions, specific directives were issued to increase export revenues, enhance enterprise solvency, minimize receivables, and mitigate unwarranted expenditure growth. Emphasis was placed on fully leveraging the export potential of industries and regions through the creation of efficient production and logistics chains and the enhancement of product competitiveness.
Domestic Market Development
President Mirziyoyev highlighted the importance of maintaining price stability in the domestic market and emphasized the imperative of expanding localization efforts for daily consumer goods. Support for local manufacturers and the reinforcement of enterprise capacity were identified as key strategies to drive economic growth and stability.
In the pursuit of new investment projects, there is a concerted effort to harness the potential of industrial zones and regional cooperation while bolstering support for local manufacturers. The focus remains on producing value-added goods and generating employment opportunities, reflecting a commitment to sustainable economic development and prosperity.
Earlier, it was reported that in 2023, Navoi Mining and Metallurgical Company's contribution to Uzbekistan’s GDP averaged 6.4%, while its share in the republic’s industrial production volume was 10.3%.
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