By the end of 2020, Uzbekistan intends to implement 846 investment projects on modernization, technical and technological upgrade of production, totaling $40.8 billion.
Most of them are the newly launched projects worth $19.6 billion, with ready investors and sources of funding, 135 promising priority projects for $ 21.1 billion, to be implemented through foreign investments and loans.
According to experts, the implementation of the scheduled initiatives would allow the average annual GDP growth of at least 8%, including the 9 percent growth of industrial production. The share of industry in GDP will increase from the current 24% to 27% in 2020. They predict the further dynamic development of high-tech industries like mechanical engineering, oil and gas, petrochemical, chemical, textile and food industries, with the increase of their share in the industry with 62% in 2014 to 67% in 2020. It is planned to launch the production of a hundred of new product categories, and increase annual industrial production and export capacity by 18 trillion soums and $2 billion respectively by 2020.
The majority of projects on modernization, technical and technological extension of production will be implemented in the fuel and energy complex, chemical, petrochemical and metallurgical industries, 172 projects – in exploration.
There are plans afoot for big projects in mechanical engineering, automotive and electrical industry, product standardization, totally 77 projects. Concurrently, it is planned to expand the existing and establish new facilities on the production of import substituting agricultural machinery, trucks, parts and accessories in cooperation with the leading equipment manufacturers by 2019. In turn, O’zeltehsanoat Company intends to implement 39 new investment projects for $268.5 million.
