Uzbekistan, Tashkent, Aug. 17 / Trend D.Azizov /
For Uzbekistan, the primary task today is to attract the best technologies in the economy, First Deputy Prime Minister Rustam Azimov said on Friday at the Uzbek-US business forum.
He said issues of the financing of investment projects to date are not paramount.
"We used to say, give the technology and money. Currently opportunities in Uzbekistan allow to solve the issues of financial security at our own expense," Azimov said.
He said such a significant financial sustainability of the country is ensured by policy of its leadership aimed at large-scale diversification of the economy, including the upgrading and modernization of the industry, providing for implementation by 2016 of 500 investment projects worth about $ 50 billion, creating new export oriented productions for modern consumer products.
As a result of the measures, the share of industry in GDP increased from 17 percent in 2000 to 24 percent now, the average annual growth of the industry in five years was 13 percent, including in engineering - 19 percent, food and light industry - 12 percent.
"In the structure of GDP share of the fuel and energy complex is gradually declining, currently amounting to 6.1 per cent," the deputy prime minister said.
Uzbekistan's economy over the past five years has been growing at an annual average of 8.7 percent, exports grow annually by an average of 18-20 per cent. The share of cotton, previously the main export product of Uzbekistan, declined in the exports structure from 60 to 10 percent, with a five-fold increase in exports over the past few years.
He reported that the foreign exchange reserves of the Republic are equal to 20 months of imports volume
Uzbek banks, whose capital adequacy is three times as much as the requirements of the Basel Committee, finance up to 85 percent of the funds needed for investment projects.
In addition the Fund for Reconstruction and Development, whose main task is to co-finance priority projects in key sectors of the economy, has to date funds exceeding $ 11 billion.
Public external debt of the country is seven per cent of GDP, the total external debt - 16 percent of GDP.
"There is no outstanding dept on any foreign loan since independence," Azimov said.
Deputy Prime Minister appreciated the cooperation with U.S. companies, including General Motors, General Electric, Case New Holland, Boeing, and others.
Azimov drew attention to the fact that the establishment of production facilities in Uzbekistan not only provides access to the market of Central Asia, but also the CIS countries with a combined population of 300 million people, with which Uzbekistan has bilateral agreements on free trade.
"We are ready to provide the necessary guarantees for foreign investors who are ready to work in Uzbekistan," the deputy prime minister said.