The Uzbek Cabinet of Ministers announced a draft decision to develop a copper industry cluster. This initiative aims to create a value chain from raw materials to finished products. The document, titled "On the Concept of Copper Industry Cluster Development," outlines plans for the copper industry in Uzbekistan until 2030 and includes guidelines for accommodating investors within the cluster.
By 2030, this initiative aims to achieve significant milestones. Annual copper production is expected to reach 400,000 tons, with over 300,000 tons processed within the industry. The plan includes attracting $1.5bn in investments for localizing the production of electrical engineering and household appliances, increasing the total production volume to $8bn.
Uzbekistan aims to attract both domestic and foreign investment to manufacture finished and semi-finished copper products within the cluster. The initiative will also focus on copper processing projects to raise the copper raw material processing rate to 80%. This will enhance the export volume of high-value-added finished products and services and establish a system for training and upgrading highly qualified personnel in the mining and metallurgical industries.
The creation of new production facilities within the cluster is anticipated to generate more than 10,000 jobs.
Earlier, Daryo reported that indicating that the Central Bank of Uzbekistan recorded a 10% export growth in 1Q24, driven by gold, uranium, and copper. The bank forecasts an overall export growth rate of 9-12%, with a more robust growth range of 12-14% when excluding gold.
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