Since the beginning of the year, more than $6bn in foreign investments and loans have been attracted. A total of 1,100 medium and small projects worth $574mn have been implemented, creating over 17,000 new jobs.
On March 4, President Shavkat Mirziyoyev reviewed a report on poverty reduction, employment, investment, and export indicators. The meeting highlighted positive economic trends while addressing challenges in certain sectors and regions.
A new system to support employment was introduced earlier this year, facilitating cooperation agreements between 208 district and city governors and bank heads. As part of this initiative, neighborhood work departments were established in bank branches, and "neighborhood bankers" were appointed.
These measures contributed to the employment of 239,000 people in January and 480,000 in February. To support business growth, UZS 14 trillion ($1.1bn) in loans have been provided to small and medium-sized enterprises, including UZS 2 trillion ($$156mn) under entrepreneurship programs.
Employment efforts have been particularly successful in Jizzakh, Samarkand, Bukhara, and Navoi regions, as well as in projects supported by the National Bank of Uzbekistan, Asakabank, Microcreditbank, and the Business Development Bank.
However, lower-than-expected results were recorded in Syrdarya region and 24 districts and cities, prompting corrective measures against 30 officials. Moving forward, authorities aim to enhance efficiency by directing unemployed individuals toward vocational training and sustainable employment.
Export growth has also been notable, with goods and services worth $2.8bn exported since the beginning of the year. Jewelry exports increased sevenfold compared to the previous year, while exports of chemicals grew by 1.7 times, electrical engineering and food by 1.2 times, and tourism services by 1.6 times.
Additionally, 132 enterprises adopted international standards, and 521 businesses entered foreign markets for the first time, contributing an extra $183mn in exports in February alone.
Despite overall progress, investment levels in some sectors remain below expectations. To strengthen investor protections, Dilmurod Kasimov was introduced as Deputy Prosecutor General of Uzbekistan.
His role includes overseeing the protection of entrepreneurs' and investors' rights, with prosecutor's offices playing a greater role in fostering a favorable legal environment.
Officials reported plans to attract more than $8bn in foreign investments by the end of the first quarter and expand export opportunities to sustain economic growth.
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