On January 16, a meeting was held under the chairmanship of the President Shavkat Mirziyoyev dedicated to discussing results of work on wide attraction of investments, increasing export volume and defining main tasks for the future.
As a result of the country’s policy of openness and active capital attraction, the economy continues to grow steadily. In particular, in 2024, the gross domestic product increased by 6.5 percent, reaching $115 billion. The volume of foreign investment increased 1.6 times to about $35 billion. 242 large and medium-sized projects with a total value of $10 billion were put into operation. Exports reached the mark of $27 billion for the first time.
Last year, the volume of investments in the mining, oil and gas, chemical and agricultural sectors doubled. In 50 districts, the amount of attracted investment exceeded $100 million.
The meeting, held in a critical spirit, scrutinized the existing backlogs in detail.
Indicators of attracting investments in textile industry, “Uztransgaz”, “Uzmetcombinat” and “Uzsuvta’minot” systems have decreased. The volumes of investments and grants received by the ministries of ecology, agriculture, digital technologies, transport, construction, health, sport, culture, higher education, pre-school and school education do not correspond to the existing opportunities.
It was noted that some district khokims let investment and export issues slip. In particular, the khokims of Beruni, Karauzyak, Kungrad, Peshkun, Yangiabad, Kamashi, Khanka, Shavat, Romitan, Dekhkanabad, Mirishkor, Chirakchi, Narpay, Nurabad and Gulistan districts, as well as the city of Akhangaran were issued a reprimand. Khokim of Syrdarya region Akmaljon Mahmudaliyev was dismissed from his post for serious shortcomings in his work.
At the meeting the main tasks on investments and exports for the current year were defined.
First of all, the issue was considered by regions. For 27 districts the volume of investments of more than $200 million is planned. However, in 10 districts the plan does not even reach $40 million. The responsible persons were instructed to form new projects in these districts and increase the volume of investments.
The importance of efficient spending was separately emphasized. For example, over the last seven years, over 6 thousand enterprises have been launched due to investments of $120 billion. The analysis shows that for every $1,000 of investment, an average of $530 of added value is created annually. In the mining industry, this figure reaches $700.
However, in the oil and gas, metallurgical and construction materials industries, the return on investment is relatively low. The same situation is observed in Syrdarya, Bukhara regions and the Republic of Karakalpakstan.
At 92 new enterprises the equipment is not utilized, which delays the repayment of loans. Equipment imported by 105 entrepreneurs is still kept in customs warehouses.
The President emphasized that increasing the efficiency of investments should become the main task of regional and industry leaders.
– This will give a powerful impetus to the growth of our economy. Many new jobs are created through guaranteed purchases, the currency is saved, and adjacent spheres develop. Hokims should understand this and thoroughly delve into each project, organizing work as efficiently as possible, – said Shavkat Mirziyoyev.
Instructions have been given to hold fairs with the participation of entrepreneurs to develop new types of products and increase the share of local goods in major investment projects.
Leading enterprises in our country have started to attract foreign financing on their own. To support this process, the Center for Assistance to Entrepreneurs in Entering Foreign Financial Markets has been established at the Chamber of Commerce and Industry pursuant to the Presidential Decree. It was emphasized that now it is necessary to use this mechanism more actively to train and support entrepreneurs in attracting funds from abroad.
This year it is planned to implement projects worth $5.2 billion at the expense of resources of international financial institutions. An extraordinary headquarters headed by the Prime Minister will be created for the timely fulfillment of these works.
Projects worth $1.1 billion have been agreed with the European Bank for Reconstruction and Development, and $1 billion with the Islamic Development Bank. Responsible persons have been instructed to expand cooperation with these banks on the basis of projects without state guarantees, as well as to provide entrepreneurs with the necessary support in attracting financing.
One of the most important indicators of investment efficiency is exports. For example, enterprises in free economic zones receive incentives based on the capital invested. This was supposed to help reduce production costs and enter foreign markets.
Last year, 589 enterprises operating in 22 free economic zones produced products worth 42 trillion soums. However, only 18 percent of goods were exported, and 372 enterprises did not supply their products abroad at all.
In this regard, it was noted that henceforth only free economic zones that are exclusively export-oriented will be created. Together with foreign brands it is planned to produce products with high added value that are in demand in foreign markets. One of the first such zones will be a textile cluster in Namangan region on an area of 30 hectares.
Another new approach is the transfer of 12 technoparks to foreign companies last year. So far, 27 projects worth $2.5 billion have been placed there. It is proposed to expand this experience and create several more technoparks with the participation of foreign companies.
This year it is planned to increase exports to more than $30 billion. For example, in such areas as textile and electrical industry, where we have our own raw material base, there are opportunities to increase exports by 2-3 times.
In this regard, measures will be taken to develop these two leading industries and provide comprehensive support to exporting enterprises.
In particular, a separate factoring organization will be created to provide exporters with working capital, and $100 million will be allocated to it. Up to $20,000 will be reimbursed to enterprises for bringing production in line with international certification requirements. Laboratory equipment for R&D centers will be exempted from customs duties. $2 million will be allocated to promote local products through international marketplaces.
Responsible persons have been instructed to analyze opportunities in foreign markets and develop a three-year export strategy.
Additional market mechanisms will also be introduced into cotton production and processing. From this year, clusters will put their cotton needs and price offers on the stock exchange, and farmers will choose the most favorable conditions and conclude futures contracts. Farmers who do not use soft loans and grow their own cotton will receive a subsidy of 10 percent of the exchange price of the cotton they sell. Those who repay the soft loans by December 31 will be able to get back 4 percent of the loan amount.
In addition, owners of homestead plots engaged in cultivation of agricultural products can become clients of banks.
At the end of the meeting, the Head of State once again emphasized the high competition in the world for investments and markets, demanded from responsible persons to strengthen business activity and achieve concrete results. It was noted that control and demand in this sphere will be strict.
The Prime Minister was instructed to approve a quarterly plan to ensure the inflow of $42 billion of foreign investments this year and ensure its fulfillment.
Reports of ministers, heads of industries and hokims were also heard at the meeting.
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