Uzbekistan: President boasts spike in investment, economic growth

President Shavkat Mirziyoyev speaks on Aug. 14 (official website)

TASHKENT (TCA) — For the first time in Uzbekistan’s history, the share of investment in the country’s gross domestic product has exceeded 38 percent. In previous years, this figure had not reached 25 percent, President Shavkat Mirziyoyev said at a government meeting on August 14 to discuss the results of socio-economic development in the country in the first half of 2019 and priority tasks for the second half of the year, the president’s official website reported.

It was said that this year, declared as the Year of Active Investments and Social Development in Uzbekistan, large-scale efforts are underway to attract and develop investments, primarily foreign direct investment.

In the first half of the year, indicators of the development of foreign direct investment grew 2.7-fold, while funds drawn from international financial institutions increased 3.7-fold.

During the period, the country’s gross domestic product increased by 5.8 percent and industrial production grew 6.9 percent.

The president stressed the need for a radical reform of the banking system, introduction of new types of banking services and improving their quality.

In the first six months of the year, inflation amounted to 5.6 percent and did not exceed forecast indicators.

The president also spoke about boosting the role of manufacturing industry in the economy.

“Over the past year, the share of industry in gross domestic product has grown from 26 to 30 percent, but this still does not correspond to the scale of the reforms we started,” Mirziyoyev said.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

View more articles fromTCA