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Uzbekistan to ensure GDP’s growth at expense of economic modernization

Uzbekistan to ensure GDP’s growth at expense of economic modernization

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Date: 8 January 2016 16:32

Tashkent, Uzbekistan, Jan. 8

By Damir Azizov – Trend:

Uzbekistan is intended to provide an average annual GDP’s growth of eight percent through the implementation of economic modernization programs in 2015-2020 years, the representative of country’s Ministry of Economy told Trend.

The official reminded that at the beginning of the last year President of Uzbekistan Islam Karimov approved the “Program of measures for structural reforms, modernization and diversification of production for 2015-2019”.

The program provides for the implementation of 846 investment projects for the construction, modernization, technical and technological renewal of production with a total value of 40.809 billion dollars, including 711 developed projects worth $19.64 billion and 135 promising projects worth $21.17 billion.

In particular, the modernization of existing and creation of new power generating facilities should ensure the electricity production’s growth by 1.2 times - up to 68.7 million kilowatt/hours due to the introduction of resource-saving combined-cycle plants and advanced technologies for the use of solar energy.

The program is planned to develop high-tech industries such as mechanical engineering, oil and gas, petrochemical, chemical, textile and food, increasing their share in the industry from 62 percent in 2014 to 67 percent in 2020.

We have already begun to implement medium-term projects aimed at diversifying the economy by organizing the goods production with high added value, said the official.

Among the projects are completed construction of Ustyurt gas chemical complex to produce polyethylene and polypropylene, construction of plant for production of synthetic fuels in Kashkadarya region, chemical complex for production of olefins, pyrolysis gasoline plant, expanding the model range in the automotive industry, etc.

The government estimates that implementation of the planned programs will provide up to nine percent average annual growth of industrial production until 2021, while the share of industrial sector in GDP should increase up to 30 percent compared to 24 percent in 2014.

Uzbekistan's GDP grew by 8.1 percent, industrial production - by 8.3 percent in 2014, according to the country’s State Statistics Committee.

Uzbek government planned GDP’s growth by 8 percent, industrial production - by 8.3 percent, the volume of capital investments - by 9.6 percent in 2015.

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