Uzbekistan attracts $2.6 billion of foreign investment in Jan-Sept 2016

TASHKENT (TCA) — In the first nine months of 2016, Uzbekistan attracted $2.65 billion in foreign investments, 11.2 percent more than in the same period last year, the country’s official Jahon information agency reported.

More than $1.8 billion of that amount accounted for direct foreign investment. As a result, a hundred of big industrial projects totaling $3.7 billion were completed as part of the country’s Investment Program since the beginning of the year.

A total of 22,000 projects were implemented during the period, including 4,274 industrial projects on the introduction of new production capacities in 3,195 enterprises, launch of new activities at 162 enterprises, modernization of 264 and expansion of 653 enterprises.

According to the Uzbek Ministry of Economy, the increase in industrial output mainly owed to the manufacturing industry, the share of which had increased up to 79.7% from 78.2% in the same period in 2015.

The highest rates of industrial production growth were recorded in the industries that produce goods on the basis of enhanced processing of raw materials (primarily textiles, clothes and leather articles) – 14.8%, food products – 13.7%, pharmaceutical products – 23.7%, chemical products, rubber and plastic products – 34.1%, and construction materials – 12.9%.

Uzbekistan’s production localization projects paved the way for the production of more than 50 new types of industrial products, including petrochemical equipment, fittings, vehicle speedometers, electric furnaces, electric water heaters, fitness equipment, bicycles and scooters.

The projects on modernization, technical and technological upgrade of industries, as well as the “Program of measures on reduction of energy intensity, introduction of energy saving technologies in the economy and social sector in 2015-2019” allowed reducing the cost of manufactured products at large enterprises by an average of 9.4%.

Sergey Kwan