HomeBusinessUzbekistan plans to launch 841 industrial projects in 2024

Uzbekistan plans to launch 841 industrial projects in 2024

-

Tashkent, 25 February 2024 (TDI): The Ministry of Investment, Industry, and Trade announces significant strides in Uzbekistan’s industrial zone development, marking a milestone with the creation of 766 industrial zones. In 2024, 841 projects are planned to be launched in industrial zones in Uzbekistan.

In 2023, enterprises located in industrial zones manufactured products totaling 53.4 trillion soums and exported $972 million.

In recent years, the country has been implementing several consistent, irreversible reforms aimed at creating an open, competitive economy, investment, and industrial development, expanding foreign trade relations, and creating an attractive business environment for domestic and foreign investors.

According to experts, the effectiveness of the ongoing reforms provides a symbiosis of the best practices in developed countries, the capabilities of the national economy, and the political will of the country’s leadership to radically upgrade and improve the living standards of the population.

One of the world’s best practices for accelerated development of production and export potential, as well as attracting investments, is the creation of special economic and industrial zones.

As of January 1, 2024, 766 industrial zones have been created in the country, including 24 special economic zones, 532 small industrial and 210 youth industrial and entrepreneurial zones.

According to the master plans of these facilities, a total of 11,952.1 hectares are allocated for investment projects. Thanks to the work carried out under the coordination of the MIIT, today 6,382.3 hectares of industrial zones are occupied for investment projects.

Moreover, 4,123.5 hectares of land were put up for sale through auctions, including 3,304.8 hectares in special economic zones, 666 hectares in small industrial zones, and 152.7 hectares in youth industrial and entrepreneurial zones. In January this year alone, more than 100 hectares of land were put up for auction.

Also Read: MFA Uzbekistan unveils US grants for economic development

The scale of work in industrial zones is increasing every year. In 2024, 841 projects are planned to be launched in industrial zones. This figure is 124 units fewer than in 2023 (965 projects), which is due to the consolidation of newly created production facilities and the organization of a much larger number of jobs.

So, if the total cost of projects implemented in industrial zones in 2023 amounted to 9.7 trillion soums, then in 2024 13.3 trillion soums will be attracted for these purposes. The situation is similar with jobs created – 20.7 thousand in 2023 against 27.7 thousand this year.

The “bull by the horns” was taken from the very first days of this year. Despite the usual “winter lull”, already in January 2024, 14 projects worth 56.6 billion soums were commissioned, as a result of which 300 new jobs were created.

Of these, 12 projects worth 54.1 billion soums were launched in small industrial zones and 2 projects worth 2.5 billion soums in youth industrial and entrepreneurial zones.

As always, the results are important. In addition to the jobs being created, which make it possible to employ residents of settlements near industrial zones, there has been an increase in production and exports.

In 2023, enterprises located in industrial zones manufactured products totaling 53.4 trillion soums and exported $972 million. In January this year alone, 4.4 trillion soums worth of goods were produced, and $61.3 million worth of goods were exported.

Uzbekistan is confidently and gradually developing industrial zones. Thus, all other things being equal, the results of this work will exceed expectations and make a worthy contribution to achieving the strategic goals set by the Head of State for the phased economic development of the country.

TDI
TDIhttps://thediplomaticinsight.com/
The Diplomatic Insight, Pakistan's premier Public Diplomacy Magazine, has been at the forefront of promoting Peace Through Informed Dialogue since its inception in 2009. With both print and electronic versions, this decade-old media house is offering research, analysis, and public diplomacy outreach to clients in Pakistan and across the globe. TDI is now offering Amazon Kindle Self Publishing Services to diplomats, ambassadors, political leaders, academicians, and other civil society leaders to be the next best-seller authors. With access to 11 global markets and the option to translate your work into 11 languages, you can reach up to 300 million readers worldwide and unlock your personal and country branding.

Follow us

4,846FansLike
2,669FollowersFollow
1,690SubscribersSubscribe

Most Popular

LATEST POSTS