In 2024, Uzbekistan’s gross domestic product (GDP) grew by 6.5%, reaching $115 billion, according to Presidential Spokesperson Sherzod Asadov. The announcement was made during a presidential conference focused on investment and economic performance. Foreign investments surged by 1.6 times, totaling $34.9 billion, and 242 large and medium-sized projects worth $10 billion were launched. For the first time, the country’s exports reached $27 billion.
According to the official report, the mining, oil and gas, chemical, and agriculture sectors exceeded their investment targets, achieving more than double their expected performance. This highlights the robust growth and prioritization of these key industries.
Despite these achievements, challenges persist in several sectors:
- Textile Industry: Missed its investment target by $17 million.
- Uztransgaz and Uzmetkombinat: Investments dropped by half.
- Uzsuvtaminot: Experienced a 20% decrease in investments.
Officials from these organizations have been issued strict warnings to improve their performance by the first quarter of 2025 or face further consequences.
Additionally, several ministries underperformed in implementing grant plans:
- Ministries of Ecology, Agriculture, State Assets, Pharmaceuticals, and Forestry: Delivered less than 25% of their grant targets.
- Ministries of Construction, Transport, Culture, and Tourism: Secured less than $10 million in grants.
Ministries responsible for Preschool and School Education, Health, Transport, Sports, Higher Education, Culture, Ecology, Agriculture, Digital Technologies, and Construction were criticized for failing to attract sufficient investments and grants, despite having significant opportunities to do so.
The report also highlighted underwhelming investment figures from high-potential countries such as France, Japan, Italy, Hungary, Malaysia, and Spain, which collectively invested less than $100 million in Uzbekistan in 2024. This indicates untapped opportunities for economic partnerships and collaborative growth.
As previously reported by The Times of Central Asia, Uzbekistan’s President Shavkat Mirziyoyev has outlined transformative plans to modernize state-owned railway and aviation sectors as part of the country’s long-term development strategy. These reforms aim to increase Uzbekistan’s GDP to $200 billion by 2030, setting an ambitious target for sustained economic growth.
