Priority areas in the investment and industry defined

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February 28, 2023

Priority areas in the investment and industry defined

On February 27, President Shavkat Mirziyoyev chaired a meeting on attracting investments and developing the industry.

In recent years, as part of industry programs, foreign direct investment of $31 billion has been attracted. As a result of their development over the past 5 years, the volume of industrial production increased by 1.4 times, and exports by 1.5 times.

To ensure stable economic growth in the next five years, it is necessary to increase industry by another 1.5 times and bring exports to $30 billion. This requires $120 billion of investment, including $70 billion of foreign investment.

This can be achieved through the implementation of a coherent investment, industrial and export policy. Therefore, by the Decree of the President “On measures to implement the administrative reforms of New Uzbekistan”, the Ministry of Investments, Industry and Trade was established.

The important tasks facing the Ministry based on the situation in the global economy and financial markets were defined at the meeting.

The task was set to master this year’s foreign direct investment of $11 billion, to establish targeted work with large investors. The importance of strengthening economic diplomacy and the role of diplomatic missions abroad in attracting investment was noted.

By the end of the year, it is planned to launch 304 large and 3,000 regional projects. Based on their results, production for 10 trillion UZS will be organized.

The Head of state gave instructions on using additional reserves in industries and regions, reducing the cost of production to increase its competitiveness.

The need for attracting foreign consultants and turning special and small industrial zones into drivers of regional development, attracting newly created industries, was emphasized.

The importance of mastering the production of new types of products in textile, leather, building materials, electrical engineering, food industries, pharmaceuticals and jewelry, entering new markets by attracting world brands was noted.

It was instructed to intensify the work of project teams for the development and promotion of new project proposals among investors.

Issues of attracting investments in the social sphere were also discussed at the meeting. An instruction was given to form priority projects within the framework of programs for the development of education, healthcare, drinking water supply and road infrastructure.