Tashkent, January 17, 2025 – The Europe Today: President Shavkat Mirziyoyev chaired a meeting to review Uzbekistan’s achievements in attracting investment, increasing export volumes, and identifying key tasks for 2025. The discussions highlighted both the successes and challenges in the country’s efforts to sustain economic growth through a policy of openness and active capital attraction.
In 2024, Uzbekistan’s gross domestic product grew by 6.5 percent, reaching $115 billion. Foreign investment increased by 1.6 times, amounting to approximately $35 billion. The year also saw the commissioning of 242 large and medium-sized projects worth $10 billion, while exports reached a record $27 billion.
Growth in Key Sectors and Regional Investment Gains
Investment volumes in sectors such as mining, oil and gas, chemicals, and agriculture doubled in 2024. Fifty districts reported investments exceeding $100 million, reflecting robust regional development. However, the meeting also highlighted areas requiring improvement.
Declines were noted in investment volumes for the textile industry and key entities, including Uztransgaz, Uzmetkombinat, and Uzsuvtaminot. Ministries and districts failed to fully capitalize on opportunities, prompting reprimands for underperformance. Notably, Akmaljon Makhmudaliyev, Hokim of Syrdarya Region, was dismissed due to serious omissions.
Strategic Priorities for 2025
President Mirziyoyev outlined strategic priorities to enhance investment efficiency and export capacity:
- Regional Investment Focus: For 27 districts, the planned investment volume exceeds $200 million, while 10 districts require urgent measures to increase their targets above $40 million.
- Efficient Fund Allocation: Over the past seven years, $120 billion in investments have launched over 6,000 enterprises, creating an average annual added value of $530 per $1,000 invested. However, sectors like oil and gas, metallurgy, and construction materials show relatively low returns.
- Resolving Operational Challenges: Issues such as unused equipment at new enterprises and delays in customs clearance were addressed.
Enhancing Export Performance
Exports are projected to exceed $30 billion in 2025. Enterprises in free economic zones (FEZs), which received investment benefits, were urged to increase export contributions. Only 18 percent of goods from FEZs were exported in 2024, with 372 enterprises not exporting at all. To address this, future FEZs will prioritize export-oriented production.
New Initiatives and Support for Entrepreneurs
To bolster investment and exports, the following initiatives were announced:
- Export Promotion: A $100 million factoring organization will provide working capital for exporters, while $20,000 of certification costs per enterprise will be reimbursed.
- Research and Development: Laboratory equipment for R&D centers will be exempt from customs duties, and $2 million will support promoting local products internationally.
- Foreign Financing Support: A Center for Assistance to Entrepreneurs in Entering Foreign Financial Markets was established under the Chamber of Commerce and Industry to support entrepreneurs in securing international financing.
Cotton Industry Reforms
The cotton industry will see additional market mechanisms introduced. Clusters will post price offers on exchanges, enabling farmers to choose favorable contracts. Subsidies and preferential loan rebates will incentivize cotton production and processing.
Leadership Accountability
President Mirziyoyev emphasized the high global competition for investments and markets, urging responsible officials to intensify business activity and achieve tangible results. A quarterly plan to secure $42 billion in foreign investment for 2025 will be overseen by the Prime Minister, with strict controls on implementation.
Reports from ministers, industry leaders, and hokims were heard during the meeting, reaffirming Uzbekistan’s commitment to economic transformation through strategic investments and export development.