Uzbekistan Attracts Over $26 Billion in Foreign Investment, President Calls for Regional Boost

Tashkent, The Gulf Observer: On November 27, President Shavkat Mirziyoyev chaired a key meeting to evaluate the current state of foreign investment in Uzbekistan and discuss the country’s investment plans for the upcoming year.

In his address, President Mirziyoyev highlighted the substantial growth in foreign investment over the past 10 months, with Uzbekistan attracting over $26 billion, 1.7 times more than the previous year. Of this amount, approximately $24 billion were direct investments, which have contributed to significant economic growth.

These investments enabled the launch of 6,300 new enterprises, generated an added value of 30 trillion UZS, and boosted exports by $305 million. Additionally, 163,000 high-paying jobs were created as a result of foreign investment. Looking ahead, Uzbekistan expects to attract another $8.6 billion in investment by the end of the year.

However, the meeting also brought attention to the challenges in certain regions and sectors. Investment indicators remain low in eight districts and cities, and some areas have seen a decline in investment compared to the previous year. Furthermore, several projects jointly carried out with international financial institutions are progressing slower than expected, with delays in project documentation and tender processes for 17 projects.

In response, President Mirziyoyev emphasized the need for a shift in regional investment strategies and a radical change in approaches to attracting foreign investment. He also noted the European Bank for Reconstruction and Development’s (EBRD) readiness to finance projects involving the private sector, acknowledging the positive changes in the country’s business environment and economic growth pace.

The president urged regions to capitalize on these opportunities by independently attracting financial resources and ensuring that investments contribute to industrial development, job creation, and export growth. It was further emphasized that the quality of investments must be improved, ensuring that every dollar invested serves the long-term economic goals of the nation.

At the meeting’s conclusion, the government was tasked with reviewing the volumes and directions for attracting funds from international financial institutions and foreign government organizations. The president called for the identification of specific projects for 2025, including those based on public-private partnerships and private sector participation, focused on regional development and industrial growth.