President Mirziyoyev Reviews Localization, Public-Private Partnerships
Tashkent, The Gulf Observer: On October 22, President Shavkat Mirziyoyev convened a meeting to discuss the localization of production, the development of public-private partnerships, and strategies for attracting foreign investment in Uzbekistan. This meeting focused on the significant progress made in these areas, which are crucial for driving the country’s economic growth.
Over the past seven years, Uzbekistan has successfully secured more than $78 billion in foreign investment. In this period, a comprehensive law on public-private partnerships has been enacted, resulting in the launch of over a thousand projects and the establishment of production for 1,800 new products.
Despite these achievements, President Mirziyoyev emphasized that the potential for growth remains substantial. Each sector was meticulously analyzed during the meeting, identifying additional opportunities for expansion. Currently, 366 major projects valued at $140 billion are underway across various industries. The President noted that Uzbekistan imports equipment, raw materials, and building materials worth approximately $15 billion annually within the framework of these investment projects, and highlighted the opportunity to increase the share of local products involved.
The energy sector, in particular, presents significant prospects. A program aimed at developing this sector by 2030 plans to construct 164 energy facilities valued at $36 billion, with 88 of these projects based on public-private partnerships. Additionally, a $1.23 billion program has been adopted for the mining industry, emphasizing mutually beneficial arrangements between local enterprises and large industrial plants. The automotive industry also reveals untapped potential, with neighboring countries expressing an annual demand for auto parts worth $1 billion.
The meeting underscored the necessity for localizing production to create competitively priced and high-quality goods while also focusing on increasing exports. Specific projects aimed at transforming these opportunities into tangible outcomes were highlighted, with calls for enhanced cooperation between industries and regions, as well as a greater share of domestic products and services in government procurement.
Recently, investment projects totaling $30 billion were approved under public-private partnerships. These include $10 billion allocated for transport, $6 billion for social initiatives, and $5 billion for utilities. The meeting stressed the importance of attracting investors to these projects and efficiently directing the funds.
During the first nine months of this year, Uzbekistan received $23.66 billion in foreign investment, launching 120 extensive production facilities valued at $4.6 billion. This momentum is expected to continue, with total foreign investment from 2017 to 2024 projected to exceed $100 billion.
The meeting concluded with responsible officials presenting updates on plans to accomplish the outlined objectives, ensuring a focused approach towards enhancing Uzbekistan’s economic landscape.
