Investments in Uzbek economy should reach $17 billion

28 December 2018 18:10 (UTC+04:00)

By Abdul Kerimkhanov

Investments in the economy of Uzbekistan should grow by 16 percent to $17 billion in 2019, said President Shavkat Mirziyoyev during the annual address to the Houses of Parliament on December 28

As he said, it is planned to absorb 138 trillion soums of investments ($16.6 billion), which is 16 percent more compared to 2018.

At the same time, the authorities plan to increase the size of foreign direct investment by 150 percent and bring it to $ 4.2 billion. As many as 142 modern enterprises will also be commissioned.

Earlier, Mirziyoyev called investment "the driver of economic growth", which contributes to the development of other areas and regions of the country, attracting new technologies and qualified specialists.

Uzbekistan's significant progress in improving the business climate is well documented for a number of international indicators. Country is considered politically stable, a place of investment with low business costs.

Uzbekistan is implementing large-scale reforms in all spheres of society’s life, in particular, the course of economic reforms in the country has become consistent and sustainable.

The ultimate goal of investment policy is to revive investment activities aimed at raising the country's economy and increasing the efficiency of social production.

Foreign direct investment in Uzbekistan plays an important role in determining the dynamics of economic growth, the depth and scale, and the speed of the process of transformation of the economic system at the national level.

Uzbekistan faces the difficult task of attracting foreign investment into the country. For this, it is necessary to ensure compliance with the requirements of foreign investors and the direction of attracted capital to achieve national goals and ensure economic development.

An important condition for increasing the inflow of foreign direct investment is the implementation of a state policy aimed at creating stable conditions for the functioning of foreign investors in the national economy.

Achieving this goal will enhance national competitiveness and more active integration of Uzbekistan into the international economic system.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94 

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