Uzbekistan plans to raise $7.1bn investments in 2Q

Uzbekistan exported $3.2bn worth of goods during the 1Q of this year, the GDP growth amounted to 3%, industrial production grew by 3.8%, agriculture by 3.1%. State budget revenues exceeded the forecast by almost $190mn. 

President Shavkat Mirziyoyev during a meeting on May 12 said that these figures, indeed, were good, but not enough. If all industry leaders would work with great dedication, these figures would be twice as high.

“The vertical system of ministries does not work. Industry leaders lack initiative, and their deputies lack authority and a sense of responsibility. If we put an end to corruption, if the local system works, the mayors of regions, districts and cities will strengthen their responsibility, the economy will develop by itself," Mirziyoyev said.

Talking about the shortcomings in terms of industries and regions he said that the production capacities at factories of Uzavtosanoat decreased by 40%, Uzbekneftegaz witnessed a 4.7% decline. While demand for medicines and medical devices has surged in recent years, pharmaceutical production has fallen by 22%. The volume of production at 74 large enterprises in the regions has dipped by $104mn.

During the 2Q of this year, the Uzbek government intends to raise $7.1bn worth of investments and channel these funds into realisation of over 2,500 regional projects.

Projects worth over $220mn are to be implemented in the textile industry.

Exports in the first half of the year are set to reach $5.2bn.