In the past seven years, Uzbekistan has successfully attracted over $78bn in foreign investments, with the adoption of a comprehensive law on public-private partnerships leading to the launch of more than 1,000 projects, according to the presidential press service. As a result, the country has initiated the production of 1,800 new products, reflecting a robust commitment to enhancing local industry.
On October 22, President Shavkat Mirziyoyev convened a meeting to discuss the localization of production, the development of public-private partnerships, and strategies for attracting further foreign investment. The meeting aimed to assess the progress made in these areas, which are pivotal for driving economic growth.
Despite these achievements, President Mirziyoyev emphasized the substantial untapped potential that remains. Each key economic direction was carefully analyzed during the meeting, revealing additional opportunities for expansion and growth.
Currently, 366 major projects are underway across various sectors, collectively valued at $140bn. These initiatives involve the annual import of equipment, raw materials, and construction materials worth $15bn, highlighting the need to increase the local share in these investments.
The energy sector presents significant opportunities, with a program for network development aiming to establish 164 power plants worth $36bn by 2030. Notably, 88 of these will be developed through public-private partnerships. Additionally, a $1.23bn program dedicated to the mining industry has been initiated, fostering connections between local enterprises and larger industrial operations.
The automotive industry also holds considerable promise, as neighboring countries demonstrate an annual demand for car spare parts reaching $1bn. To leverage localization efforts, there is a strong emphasis on enhancing exports by producing competitive products in both price and quality.
President Mirziyoyev urged for the formation of specific projects in these sectors to transform potential opportunities into tangible results. Proposals included enhancing cooperation between industrial sectors and regions and increasing the proportion of local products and services in state procurement processes.
Recently, investment projects worth $30bn were approved based on the principle of public-private partnerships. This portfolio includes $10bn in transport, $6bn in social initiatives, and $5bn in utilities, showcasing the diverse areas where investments are being directed.
The meeting also addressed the importance of attracting investors to these projects and ensuring the effective allocation of funds. In the first quarter of the year alone, foreign investments totaled $23.66bn, and the commissioning of 120 large power plants valued at $4.6bn has further bolstered the economy.
With this momentum, the total foreign investments attracted from 2017 to 2024 are projected to exceed $100bn. Officials presented updates on their plans to achieve these targets, signaling a proactive approach toward economic development and investment in Uzbekistan’s future.
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