In 2024, Uzbekistan plans to increase its GDP by at least 6%, reaching $100 billion. The achievement of these goals is planned through improving economic efficiency. This was stated during a videoconference chaired by the president, Podrobno.uz reports.
Despite a 6% growth in the industrial sector in 2023, the production of value-added products did not exceed 40%.
"We are not satisfied with these figures. This is mainly due to import dependence, high energy consumption, and excessive costs," quoted the president's press secretary, Sherzod Asadov.
Despite the reduction of the tax burden on major industries, many enterprises continue to increase their costs instead of generating income for the state. It was noted that at ten major enterprises, expenses were growing faster than revenues.
In 2024, efforts will be made in the country to enhance efficiency and reduce costs for leaders of the economic complex and all state enterprises, announced the President of Uzbekistan. Henceforth, support will be primarily provided to products that create high added value and have a market.
Top executives have been tasked with approving and implementing measures to increase value-added by 45%, reduce costs by 15%, and ensure a 7% industry growth in 2024 for each enterprise.
Furthermore, there is a goal to reduce the production costs in major industries by 20 trillion sum, and accounts receivable by 8 trillion sum.
To achieve this, the Center for Economic Research and Reforms, the Institute of Macroeconomic and Regional Studies, and the Agency for Strategic Reforms are expected to propose their ideas. They will analyze no fewer than two industries per month.
Measures to enhance economic efficiency are expected to result in GDP growth of no less than 6%. This will be the main task for the entire leadership of the economic complex in 2024.
As of 2023, Uzbekistan's GDP was slightly over $80 billion, with an economic growth rate of 6%.
CentralasianLIGHT.org
January 16, 2024