Uzbekistan’s GDP grows by 6.5% in 2024

Uzbekistan’s GDP grew by 6.5% in 2024, reaching $115 billion. The announcement was made on January 16 during a videoconference meeting chaired by President Shavkat Mirziyoyev, focusing on the effectiveness of ongoing efforts to attract investments and increase exports, as well as outlining key future tasks.

It was reported that foreign investment in the country increased by 1.6 times last year, totaling $34.9 billion. Additionally, 242 large and medium-sized projects worth $10 billion were launched, and exports hit a record high of $27 billion for the first time.

Notably, more than $100 million in investments were received in 50 districts, compared to just 11 districts in 2023. Investments in Davlatabad, Yangi Namangan, Mirzo Ulugbek, Chilonzor, Shaykhantohur districts, and the cities of Namangan and Samarkand exceeded $300 million. The investment plan in the mining, oil and gas, chemistry, and agriculture sectors was more than doubled.

The President emphasized that increasing the efficiency of each dollar of investment should be a priority for regional and sectoral leaders. Over the past seven years, more than 6,000 enterprises have been launched through $120 billion in investments. Analysis revealed that every $1,000 invested creates an average of $530 in added value per year. In the mining sector, this figure reaches $700, attracting investors from Germany, Turkey, China, and other countries.

However, the efficiency of investments in "Uzbekneftegaz", "Uzmetkombinat", and the construction materials industry was found to be two times lower than in other sectors. Investment in Syrdarya was three times lower than the national average, while Bukhara and Karakalpakstan saw figures two times lower.

In other news, equipment worth $120 million, which had been stored in customs warehouses for a prolonged period, was delivered to its rightful owners. However, equipment worth $110 million from another 105 entrepreneurs remains in storage. Authorities have been tasked with developing a "roadmap" to ensure the delivery of this equipment.

Looking ahead to 2025, the President outlined key tasks for the coming year. By the end of 2024, regional plans for district leaders (khokims) were established, with specific indicators set for each district. This year, 27 district khokims are expected to increase investments by $200 million. For instance, foreign investment in Uchkuprik has grown tenfold over the past five years, reaching $100 million, and plans are in place to double this figure by 2025.

However, it was noted that the plans for 10 district governors, including those of Mirishkor, Kokdala, Boyovut, Bandikhon, Uzun, Sherabad, Bekabad, Tashkent, Rishton, and Gurlan, do not even total $40 million. These officials have been instructed to develop a package of new projects and approve plans worth at least $100 million.