Experts seek for opportunities of boosting the national economy

Scientific and practical conference on ‘Current issues of further strengthening of investment capacity of financial institutions in Uzbekistan’ took place in Tashkent.

Domestic and international experts noted that last year the Uzbekistan\'s economy developed at a steady pace with a growth in living standards, and increased export capacity of domestic enterprises. In many ways this was been achieved through the efficient operation of the banking sector, and favorable investment climate. The growing volume of investment in fixed assets, which amounted to 22.9% of GDP in 2012, was the most important source of economic growth. Domestic and foreign investments made up $11.7 billion, with over 22% of foreign investments, including more than 79% of direct foreign investment. Last year, about 74% of all investments were concentrated on industrial construction, particularly in the implementation of programs and projects on the upgrade and extension of production.

This year the economy is challenged with a new task: to provide the 8% growth primarily through the continued growth in industrial production - by 8.4%, agriculture - by 6%, investment in fixed assets - 11%, services - by almost 16%, and bringing its share in GDP up to 53%. As noted by participants of the event, the main mechanism of implementation of the mentioned objectives will be to support the development of the high-tech industries that provide the growth of products with high added value, as well as continue taking efforts to attract foreign investment.

Overall, the first quarter of 2013 was marked with the launch of 114 new investment projects worth a total of $4.3 billion. As special industrial zones have intensified their activity, the Navoi FIEZ produced goods valued at 18.7 billion soums (Currency rates of CB from 14.05.2013 1$=2073.97 soums) in12 newly commissioned enterprises;

implementation of six investment projects worth more than $48 million is underway. The works on the implementation of eight investment projects worth $185.8 million have been started in Angren FIZ. (Source: Uzbekistan today newspaper)