Uzbekistan plans to attract more than $ 3.5 billion in foreign investment in 2019.
If by the end of 2017, the volume of foreign direct investment in other sectors of the economy (excluding the volume of Uzbekneftegaz) decreased by more than twice compared to 2016 and amounted to $ 423 million, then by the end of 2018 the growth of this indicator (excluding Uzbekneftegaz) is expected to be more than 4.2 times up to reach $ 1.7 billion, and in 2019 it is expected to double to reach $ 3.5 billion.
Such indicators have been achieved through the implementation of cardinal measures aimed at improving the economic situation in the country and liberalizing legislation in the field of entrepreneurial activity.
Specialists of the State Investment Committee are confident that with the current scale of the economy of Uzbekistan and its comparison with developing and transition economies, the annual volume of foreign direct investment should be in the range of $ 4-12 billion.
Over the past 20 years, the volume of foreign direct investment and non-guaranteed loans in the economy of Uzbekistan amounted to $ 25.3 billion, of which $ 11.8 billion (47%) were attracted over the past 5 years.
The average annual volume of investments mastered in the republic remains at the level of $ 2-2.5 billion (less than 4% of GDP), which is lower than the average for countries with transition economies ($ 3.4 billion), as well as data from individual CIS countries (Kazakhstan – $ 15- 20 billion, Azerbaijan – $ 5-8 billion, Belarus – $ 3-6 billion).
Over the past 5 years, foreign direct investment was attracted mainly to the oil and gas industry (73%), electric power industry (2%), to the field of information technologies and communications (6%), remaining insignificant in other sectors of the economy. For example, in the light and textile industry it is about 1%, the automotive industry has 0.2%.