SAMARKAND, Uzbekistan, September 26. Uzbekistan aims to achieve upper-middle-income status by 2030, said Uzbek Investment Minister Laziz Kudratov as he addressed a public seminar "New Uzbekistan - Big Country with Big Opportunities" within AIIB annual meeting, Trend reports.
"As part of the government’s 2030 strategy, Uzbekistan aims to achieve upper-middle-income status by 2030, with 85 percent of the economy driven by the private sector and 40 percent of energy sourced from renewables. We are laying the foundation for a sustainable and prosperous future," Kudratov stated. "Our aim is equally ambitious in productivity. By 2030, we plan to double our labor productivity and exports".
Minister Kudratov emphasized that Uzbekistan’s financial fundamentals remain robust, providing a solid foundation for future growth. In 2023, Uzbekistan’s GDP grew by 6 percent, and in the first half of 2024, growth accelerated to 6.4 percent. These figures were driven by major economic reforms and strategic investments in key industries.
"Our greatest asset lies in our people," Kudratov added, noting that 60 percent of Uzbekistan’s population is under the age of 30, creating a young, dynamic, and educated workforce ready to lead the industries of the future. In addition to its human capital, Uzbekistan is rich in natural resources, including natural gas, copper, and essential metals crucial to the global transition towards sustainable economies.
Uzbekistan’s geographic location, bridging the vibrant markets of Asia, the established economies of Europe, and the capital-rich Gulf, further enhances its role as a vital hub for international trade. This strategic positioning, coupled with targeted economic reforms, has led to unprecedented growth in foreign direct investment (FDI).
"FDI has soared from $3.3 billion in 2018 to $22.4 billion in 2023, largely concentrated in the energy, infrastructure, and technology sectors," Kudratov said. "This influx of investment has had a transformative impact on our industrial production, which has nearly doubled to reach $56 billion".
Uzbekistan’s reform agenda has also seen a notable reduction in policy rates, which have fallen from 17 percent in 2021 to 11 percent in 2023. These targeted measures have created an environment conducive to sustained economic growth and increased productivity across sectors.
"Uzbekistan stands at the threshold of a new era of growth," Kudratov concluded. "We invite the global community to partner with us in this transformative journey, leveraging our human capital, resources, and strategic location to unlock immense opportunities for all".
