NEWS AND EVENTS
December 29, 2015
OST-WEST-CONTACT ON UZBEKISTAN’S ECONOMIC AND INVESTMENT POTENTIAL
Ost-West-Contact, one of the largest publications of Germany in Finance, published an articles on Uzbekistan’s economic and investment potential.
According to the publication, one of the most important factors of our country’s investment attractiveness is stable economic growth, which accounted for about 8% in 2015. A similar trend is expected in 2016.
It noted that Uzbekistan has taken consistent action on modernization, technical and technological re-equipment of industrial enterprises in the country. Particular attention is paid to the production of finished products and the expansion of export volumes in machine building, textile and food industries.
The main impetus for investment in short and long term is the implementation of the State program of measures to carry out structural reforms, modernization and diversification of production in 2015-2019. In accordance with the document, a list of 870 major investment projects worth about $ 40 billion was made. The projects include the establishment of 415 new businesses, as well as modernization, technical and technological renovation of 455 existing industrial enterprises.
According to preliminary estimation, the implementation of the program will provide advanced development of industries producing goods with high added value, such as machinery, petrochemical, chemical, textile and food industries, with the development of more than 1000 new products, industrial production growth in 1,5 over 5 years and the increasing of the share of industry in GDP from 24 to 27% by 2020.
The implementation of major investment projects, the introduction of modern corporate governance practices, advanced information and communication technologies and the improvement of business environment will help to increase the volume of industrial production to 50% by 2019.
It noted that good prospects for doing business in Uzbekistan particularly are in the implementation of industrial and infrastructure projects financed by the government of the Republic or international lenders.
The article, devoted to your country’s transport and communication capabilities, emphasized that Great Silk Road passed through the territory of modern Uzbekistan, which in ancient times linked Eastern and Western countries and contributed to international trade development.
“The Republic aims to properly use its geographical location with active development of transport and logistics infrastructure that leads to the growth of industrial and agricultural products exports”, informed the article.
It noted that Uzbekistan is also developing other logistics areas such as purchasing, warehousing, storage, distribution, utilization, providing value-added services and others. All these contribute to further economic growth and successful integration of Uzbekistan into global trading system.
(Source: Jahon Information Agency, Berlin)