TASHKENT, Uzbekistan, January 16. Uzbekistan plans to increase gross domestic product (GDP) to $100 billion in 2024, President of Uzbekistan Shavkat Mirziyoyev said, Trend reports.
He spoke during a meeting dedicated to the government's priorities for economic development this year.
The head of Uzbekistan said that it is planned to increase GDP by at least 6 percent to $100 billion in 2024. It was noted that industry grew by 6 percent last year, but added value in production did not exceed 40 percent.
"We are not satisfied with these figures. This is mainly due to import dependence, high energy consumption, and excessive expenses," the head of state emphasized.
Although the tax burden on large industries has been reduced, it was noted that many industries are increasing their expenses instead of generating revenue for the state. Expenditures were growing faster than revenues in 10 large enterprises.
During the meeting, it was noted that this year will be a year of cost reduction and efficiency improvement for managers of the economic complex and all state-owned enterprises. From now on, support mechanisms in industry will be provided primarily to products that create high added value and have a market.
Officials were instructed to approve and implement corporate-wide measures to increase added value by 45 percent, reduce production costs by 15 percent, and ensure 7 percent industrial growth in 2024.
The necessity to reduce production costs in large industries by 20 trillion soums ($16.1 billion) and accounts receivable by 8 trillion soums ($646.9 million) was also noted.
The Center for Economic Research and Reforms, the Institute of Macroeconomic and Territorial Studies, and the Agency for Strategic Reforms were assigned to analyze at least two industries per month and provide recommendations on reducing costs, increasing added value, and labor productivity, as well as the use of new opportunities.
In general, the main task of the management of the economic complex is to ensure the growth of gross domestic product by at least 6 percent this year by increasing the efficiency of the economy.
Meanwhile, the World Bank, in its "Global Economic Prospects" report, forecasts that Uzbekistan's GDP will grow by 5.5 percent in 2024.