Tashkent, Uzbekistan (UzDaily.com) —  On 22 October 2024, President of Uzbekistan Shavkat Mirziyoyev held a meeting focused on localization, the development of public-private partnerships, and attracting foreign investments.

Significant progress has been made in these key areas that contribute to economic growth. Over the past seven years, Uzbekistan has attracted more than US$78 billion in foreign investments. A law on public-private partnerships has been enacted, resulting in the launch of over 1,000 projects and the establishment of 1,800 new types of products.

However, the potential for further growth remains substantial. The meeting provided a detailed analysis of each direction and identified additional opportunities.

Currently, 366 large projects worth US$140 billion are being implemented across various sectors. As part of these investment projects, equipment, raw materials, and construction materials worth approximately US$15 billion are imported annually. It was emphasized that the share of local products could be increased in every project.

In major sectors of the economy, opportunities for localization also exist. Under the energy sector development program until 2030, plans are in place to construct 164 energy facilities costing US$36 billion, with 88 to be implemented based on public-private partnerships.

In the mining industry, a program worth US$1.23 billion has been adopted to integrate local enterprises with major industry complexes on a mutually beneficial basis.

The automotive industry also presents numerous untapped opportunities, with neighboring countries having an annual demand for auto parts amounting to US$1 billion.

It was noted that special attention should be given to producing competitively priced and high-quality products during the localization process, as well as increasing exports.

The importance of formulating specific projects in these areas and transforming opportunities into real results was emphasized. Proposals were made to enhance cooperation among industrial sectors and regions, as well as to increase the share of domestic products and services in public procurement.

Recently, investment projects worth US$30 billion under public-private partnerships have been approved. This includes programs of US$10 billion in the transport sector, US$6 billion in the social sector, and US$5 billion in the utilities sector.

Tasks have been outlined for attracting investors to these projects and ensuring effective use of funds.

The meeting also reviewed the dynamics of foreign investments and future plans.

In the first nine months of the current year, the country received US$23.66 billion in foreign investments, and 120 major production facilities were launched, amounting to US$4.6 billion.

This pace is expected to be maintained through the end of the year, anticipating that the total amount of foreign investments attracted from 2017 to 2024 will exceed US$100 billion.

Responsible officials presented information on plans to achieve the set tasks during the meeting.