Uzbekistan’s economy to exceed $240 billion – President

By 2030, Uzbekistan plans to increase the size of its economy to over $240 billion by transitioning all sectors to a technological and innovation-driven growth model, President Shavkat Mirziyoyev said on May 4 in Samarkand during his speech at the opening ceremony of the 59th Annual Meeting of the Board of Governors of the Asian Development Bank.

He noted that despite global instability, Uzbekistan’s economy grew by 8.7 percent in the first quarter of the year.

“Most importantly, in our reforms we have focused on improving the daily lives of every family and every individual. Over the past period, we increased the income of 8.5 million vulnerable citizens and reduced the poverty rate from nearly 35 percent to 5.8 percent today,” the president said.

Uzbekistan has also become one of the five countries with the most positive progress in achieving the Sustainable Development Goals over the past 10 years.

“We intend to transition all sectors in Uzbekistan to a technological and innovation-driven growth model by 2030, increasing the economy to over $240 billion. As a result, we aim to join the group of upper-middle-income countries and completely eliminate poverty,” he added.

The president also announced that in the coming days, a 30 percent stake in the National Investment Fund, which includes assets of 13 major strategic enterprises, will be offered on international capital markets.

“I am confident that this important step will further strengthen our partners’ trust in the investment climate of our country,” said Shavkat Mirziyoyev.