Tashkent, December 3, 2024 – The Europe Today: On December 2, President Shavkat Mirziyoyev reviewed the progress of transformation programs in the metallurgical sector and outlined ambitious plans for 2025. Over the past seven years, Uzbekistan’s metallurgical industry has experienced significant growth, with production increasing by 1.5 times. Annual output of gold, silver, and copper rose by 26 tons, 77 tons, and 32,000 tons, respectively, compared to 2016 levels.
Investment-Driven Growth
The sector has attracted approximately $9.5 billion in investments over the past five years, enabling the launch of 15 major projects. These advancements have made the mining and metallurgical industry a key driver of Uzbekistan’s economic transformation, accounting for a third of the nation’s industrial output. The sector also supports growth in electrical engineering, construction materials, chemical production, and jewelry industries by providing essential raw materials.
Collaborations between large enterprises and over 60 small and medium-sized companies further highlight the sector’s role in fostering economic cooperation.
Future Goals and Expansion Plans
During the meeting, the Minister of Mining and Geology and industry leaders presented future plans, including the following:
- Attracting $1 billion in investments for mining and geological projects by 2025.
- Increasing kaolin production by 50% and coal output to 10 million tons annually.
- Issuing Eurobonds worth $500 million in 2024, building on the success of the Navoi Mining and Metallurgical Plant, which raised $1 billion through Eurobonds this year.
- Commissioning a third copper ore enrichment plant at Almalyk Mining and Metallurgical Company and launching a new casting and rolling complex at the Uzbek Metallurgical Plant.
- Expanding rare earth metals production at the Technological Metals Plant of Uzbekistan to meet the demands of the green economy.
Global Competitiveness and Technological Advancements
President Mirziyoyev emphasized the importance of large-scale transformation in the metallurgical sector to boost competitiveness in international markets. Key priorities include cost reduction, full digitalization of operations, adoption of advanced technologies, and automation of production processes.
The President also highlighted the need for enterprises to adapt to global economic shifts, adopt principles of economy and efficiency, and secure uninterrupted raw material supplies for the industry.
A Vision for Continued Growth
The transformation of Uzbekistan’s metallurgical sector aims to enhance its role as a cornerstone of the national economy, positioning it as a competitive player on the global stage while driving sustainable industrial growth domestically.
