Over the past seven years, Uzbekistan has successfully attracted more than $78 billion in foreign investments by adopting a comprehensive law on public-private partnerships, resulting in the launch of over 1,000 projects, reports the press service of the President of Uzbekistan.
As a result, the country has initiated the production of 1,800 new products, demonstrating a strong commitment to strengthening local industries, underlined Daryo.uz.
On October 22, President Shavkat Mirziyoyev convened a meeting to discuss production localization, the development of public-private partnerships, and strategies for attracting additional foreign investments. The meeting aimed to assess the progress achieved in these areas, which are critical to fostering economic growth.
Despite these achievements, Mirziyoyev emphasized that there remains significant untapped potential. Each key economic sector was carefully analyzed during the meeting, revealing further opportunities for expansion and growth.
Currently, 366 large-scale projects worth a total of $140 billion are being implemented across various sectors. These initiatives involve the annual import of equipment, raw materials, and construction materials worth $15 billion, underscoring the need to increase the local share in these investments.
Uzbekistan’s energy sector presents significant opportunities, with a network development program aiming to establish 164 power plants worth $36 billion by 2030. Notably, 88 of these will be developed through public-private partnerships. Additionally, a $1.23 billion program focusing on the mining industry has been launched, fostering links between local businesses and larger industrial operators.
The automotive industry also offers promising prospects, as neighboring countries demonstrate an annual demand for auto parts reaching $1 billion. To leverage localization efforts, there is a strong focus on expanding exports by producing competitive products both in terms of price and quality.
President Mirziyoyev called for the creation of specific projects in these sectors to turn potential opportunities into tangible results. Proposals included strengthening cooperation between industrial sectors and regions and increasing the share of local products and services in public procurement processes.
Recently, investment projects worth $30 billion were approved under the public-private partnership framework. This portfolio includes $10 billion for transportation, $6 billion for social initiatives, and $5 billion for utilities, reflecting the diverse areas targeted by investments.
The meeting also addressed the importance of attracting investors to these projects and ensuring the efficient allocation of funds. In the first quarter of the year alone, foreign investments amounted to $23.66 billion, and the commissioning of 120 large power plants worth $4.6 billion further bolstered the economy.
With this momentum, the total volume of foreign investments attracted from 2017 to 2024 is expected to exceed $100 billion. Officials provided updated information on their plans to meet these targets, highlighting an active approach to economic development and future investments in Uzbekistan.
CentralasianLIGHT.org
October 23, 2024