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    Uzbekistan

    Uzbekistan to attract $1bn investment in automotive industry

    Uzbekistan to attract $1bn investment in automotive industry

    In a meeting convened under the leadership of President Shavkat Mirziyoyev on April 9, the socio-economic development of Uzbekistan's Jizzakh region took center stage. Among the various sectors under discussion, particular emphasis was placed on the automotive industry and its transition from large-scale assembly to a full technological cycle, presidential press service reported. 

    Acknowledging the strides made in transitioning to a more comprehensive manufacturing process within the automotive sector, officials outlined ambitious targets for the region's continued development. 

    Over the next three years, the region aims to attract a substantial $1 bn in investments. This influx of capital is envisioned to bolster production capacity, foster technological advancements, and catalyze job creation within the automotive industry.

    Key among the region's objectives is the creation of 10,000 high-income jobs, signaling a commitment to addressing unemployment and promoting economic prosperity. Concurrently, efforts are underway to enhance the localization level within the automotive supply chain. By producing 365 types of components locally through collaborative partnerships, the region aims to achieve a localization rate of 50%.

    The strategic vision outlined for the Jizzakh region's automotive industry reflects a concerted effort to position Uzbekistan as a competitive player in the global automotive market. Through the adoption of advanced manufacturing practices and a focus on innovation, the region seeks to enhance its industrial capabilities and capture opportunities in the rapidly evolving automotive landscape.

    Earlier Daryo reported that ADM Jizzakh, a car manufacturing facility located in Uzbekistan, is gearing up to manufacture hybrid vehicles and electric cars (EVs). 

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

     
    09.04.2024, 17:56   Comments (0)   2472
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