Production of finished products in Uzbekistan to increase 50 per cent by 2015

Photo: Production of finished products in Uzbekistan to increase 50 per cent by 2015

 / Economy news

Uzbekistan, Tashkent, April 26 / Trend D.Azizov /

Uzbekistan plans to increase the share of industries producing final finished products in the industrial structure from 41 to 49 per cent and the share of manufactured exports in the total industrial production from 42.3 to 63 per cent by 2015, the Minister of Economy of Uzbekistan Galina Saidova said during the sixth International Investment Financial Forum held in Tashkent.

According to her, these indicators will be achieved in the course of structural reforms aimed at developing high-tech industries as well as through the export orientation of the Uzbek economy.

The minister said the basis of the Uzbek economy at present and in the near future is formed by three basic components - macroeconomic conditions of the republic, priorities of structural reforms and radical changes in the business environment.

Saidova noted that the macroeconomic situation in Uzbekistan is characterised by two main trends.

"Firstly, it is the macroeconomic stability and balance of the economy and secondly, the high rate of economic growth," Saidova said. She went on to note that Uzbekistan is one of the top five countries in the world to have demonstrated high rates of economic growth within the past five years and since 2005, this figure has not dropped below seven per cent.

Uzbekistan has three positive balances: the state budget, a foreign trade balance and balance of payments. The external debt of Uzbekistan has been ranging from 11 to 16 per cent in recent years which is one of the lowest external debts of the world and the internal debt of the country today stands at zero.

A medium term programme that includes more than 500 major investment projects totalling nearly $50 billion is being implemented in Uzbekistan's industry. The basis of this programme is formed by projects aimed at the production of high value-added goods and services with a high level of innovation component.

"Alongside, structural changes in the economy and industry are impossible without radical improvement of the entire infrastructure with production infrastructure in the first instance," Saidova said.

In this regard, it is of paramount importance to develop road infrastructure, including the construction and renovation of more than 2300 kilometres of roads, part of the Uzbek national highway, half of which form an upscale road with a concrete pavement. More than 1000 kilometres of railways are being upgraded, over 80 kilometres of new railway lines built and electrification planned for about 300 kilometres of rail lines.

Almost all domestic airports have been reconstructed and the fleet fully upgraded. Today, Uzbekistan uses only modern aircraft.

Uzbekistan has consistently pursued a policy to improve the business environment which is now recognised around the world. According to the World Bank's 'Doing business-2013', the country joined the list of those 10 to have demonstrated a significant improvement in facilitation of business over the past year.

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