Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev held a videoconference meeting to discuss the effectiveness of efforts to attract investments and increase exports, as well as key tasks for the future.

It was noted that, thanks to the policy of openness and active investment attraction, the country’s economy has demonstrated stable growth.

In particular, in 2024, the Gross Domestic Product (GDP) increased by 6.5%, reaching US$115 billion. The volume of foreign investments grew 1.6 times, amounting to US$34.9 billion. A total of 242 large and medium-sized projects worth US$10 billion were launched, and exports exceeded US$27 billion for the first time.

Last year, 50 districts attracted investments totaling more than US$100 million (up from 11 such districts in 2023).

The volume of investments in the districts of Davlatobod, Yangi Namangan, Mirzo Ulugbek, Chilanzar, and Shaykhantahur, as well as the cities of Namangan and Samarkand, exceeded US$300 million.

Plans for the mining, oil and gas, chemical, and agricultural sectors were exceeded by two times.

However, despite favorable conditions, the textile sector’s investment plan was underperformed by US$17 million. Investments in Uztransgaz and Uzmetkombinat were halved, and in Uzsuvtaminot, they decreased by 20%.

The leaders of these organizations were strongly instructed that if no changes are made by the first quarter of this year, their activities would be reviewed.

The Ministries of Ecology, Agriculture, the State Assets Agency, Pharmaceuticals, and Forestry were criticized for having met less than 25% of their grant attraction targets. The grants attracted by the Ministries of Construction, Transport, Culture, and the Committee for Tourism amounted to less than US$10 million.

In general, it was noted that the efforts to attract investments and grants by the Ministries of Preschool and School Education, Healthcare, Transport, Sports, Higher Education, Culture, Ecology, Agriculture, Digital Technologies, and Construction do not align with their capabilities.

It was also pointed out that no investments from high-potential countries such as France, Japan, Italy, Hungary, Malaysia, and Spain amounted to even US$100 million last year.

Some district heads paid insufficient attention to investments and exports. In particular, in the districts of Beruniy, Karaulbazar, Kungrad, Peshku, Yangiabad, Kamashi, Khanka, and Shavat, investment volumes were less than US$15 million. In Romitan, Dehkanabad, Mirishkor, Chirakchi, Narpae, Nurabad, Guliestan, and the city of Akhangaran, exports declined.

The head of the Syrdarya region, Akmaljon Mahmudaliyev, was dismissed due to significant shortcomings in attracting investments, developing agriculture, and other areas.

A decision was made to implement a new investment control system. The Prime Minister will approve monthly plans for attracting US$42 billion in foreign investments, and regional heads, as well as industry leaders, will dedicate two days per week to investment activities.

The President outlined the main tasks for 2025.

By the end of the previous year, territorial plans were defined for each district, and performance indicators were developed. For example, 27 district heads plan to increase investments by more than US$200 million.

However, the plans of 10 districts do not exceed US$40 million. These districts are Mirishkor, Kukdola, Boyaut, Bandikhan, Uzun, Sherabad, Bekabad, Tashkent, Rishtan, and Gurlan.

It was emphasized that improving the effectiveness of each investment must become the main task for regional and sectoral leaders.

Over the last 7 years, investments totaling US$120 billion have helped create more than 6,000 enterprises. Analysis shows that for every US$1,000 in investments, an added value of US$530 is created annually.

In the mining industry, this figure reached US$700, which attracted investors from Germany, Turkey, China, and other countries.

However, in industries such as Uzbekneftegaz, Uzmetkombinat, and construction material production, investment efficiency is half that of other sectors. The added value from investments in the Syrdarya region is three times lower, and in Bukhara and Karakalpakstan, it is twice as low as the national average.

About US$120 million worth of equipment, which had been stored at customs warehouses for a long time and belonged to 230 entrepreneurs, was handed over to its owners. However, 105 entrepreneurs are still unable to receive their equipment, valued at US$110 million, which remains at the warehouses.

Responsible officials have been instructed to approve a "road map" for transferring this equipment to the owners.

The President of Uzbekistan emphasized the need to increase the share of local components in investment projects.

This, he noted, would create many new jobs, save foreign currency, and develop related industries.

Regional heads have been instructed to hold monthly fairs with entrepreneurs and establish systems for producing new types of products.

Of the US$75 billion worth of major investment projects currently underway, US$28 billion can be covered by local products.

Responsible officials have been instructed to prepare a program for the production of new products in 2025, taking into account districts and enterprises, in cooperation with sectoral ministries and regional heads.

Leading enterprises have started independently entering foreign markets and attracting direct investments.

A Center for Assisting Entrepreneurs in Entering International Financial Markets has been established at the Chamber of Commerce and Industry.

It was emphasized that by the end of the year, at least 200 entrepreneurs should be prepared to attract US$2 billion from the international financial market.

Additionally, this year, AGMK is expected to issue eurobonds worth US$1 billion, NGMK — US$500 million, Navoi Uran and Uzmetkombinat — US$300 million each. Uzbekistan Airways, Uzbekistan Airports, and the Road Committee are also expected to receive international ratings and attract a total of US$700 million from external markets.

For 2025, plans must be developed for each ministry, industry, and region to attract grants totaling US$2 billion.

This year, works worth US$5.2 billion are planned to be carried out with the funds of international financial institutions.

Criticism was directed at the excessive bureaucracy in investment utilization.

In this regard, it was decided to create a special operational headquarters under the Prime Minister’s leadership to work with financial institutions. The headquarters will thoroughly examine each project, implement specific measures, and discuss project progress on a weekly basis.

This year, projects worth US$1.1 billion with the European Bank for Reconstruction and Development and US$1 billion with the Islamic Development Bank are planned to be implemented.

Responsible officials have been instructed to closely cooperate with these two international banks, develop projects without government guarantees jointly with entrepreneurs in each district. Specific project executors will be assigned to help attract funds.

In the 22 free economic zones of the country, 589 enterprises operate, which produced products worth 42 trillion soums last year.

Only 16% of this production consists of high-tech products. Only 18% of the products were exported, and 372 enterprises did not engage in any export activities.

Enterprises in special economic zones receive benefits based on the volume of invested capital. However, these funds have not contributed to reducing production costs or expanding exports.

As a result, a decision has been made to create exclusively export-oriented special economic zones. These zones will focus on the production of high-quality products with the involvement of foreign brands, which will be in demand on international markets. It was emphasized that this approach has proven successful abroad.

The first such zone will be established in Namangan, specializing in the textile industry.

Economic leaders have been tasked with reviewing the existing system of special economic zones and submitting proposals for their specialization in export.

Under the new approach, 12 technoparks were transferred to the management of foreign companies last year. These areas now host 27 projects worth US$2.5 billion.

Such technoparks are being established jointly with Turkish companies in Zangiota, with Tatarstan in Karmana, with China in Andijan and Karmanin districts, as well as in Almalyk, Chirchik, Zarafshan, Kokand, and Tashkent.

Relevant agencies have been tasked with finding foreign investors and developing proposals for creating technoparks on vacant land in existing economic zones.

Despite tough competition on the international market and logistical challenges, it has been noted that this year, exports need to exceed US$30 billion.

It has been identified that in "locomotive" industries such as textiles and electrical engineering, not all existing opportunities are being utilized. It was pointed out that with a creative approach, exports in these sectors could be increased two to three times.

To support and develop these two key export-oriented industries and businesses, a large project has been developed.

In particular, a separate factoring organization will be created with a fund of US$100 million to provide working capital to exporters. Up to US$20,000 of each enterprise’s expenses for meeting international certification requirements will also be covered.

Equipment for research and development centers imported from abroad will be exempt from customs duties. Additionally, US$2 million has been allocated to promote local products through international marketplaces.

Responsible parties have been tasked with conducting an analysis of the export potential of each sector and developing a three-year export strategy.

In the cotton growing and processing industry, additional market mechanisms will be introduced.

Starting this year, clusters will submit their cotton bids and price proposals on the exchange, and farmers will be able to choose a suitable option and enter into futures contracts.

Farmers who do not use subsidized loans will receive a subsidy of 10% of the cotton sold on the exchange. Those who fully repay the subsidized loan by the end of the year will have 4% of the loan reimbursed, effectively reducing the interest rate from 10% to 6%.

The President noted that there is fierce competition for investments and markets globally. Leaders at all levels must understand how difficult it is to attract funds from abroad and how important it is to use them effectively.

It has been tasked with strengthening control over the execution of set goals, developing clear mechanisms, and ensuring they are communicated to every level.

Ministers, industry leaders, and regional governors have been assigned the task of organizing work on the ground, directly reaching down to the district level.

During the meeting, reports were heard from the heads of ministries and regions.