Within the framework of the Tashkent International Investment Forum, a panel discussion was held on the topic “The potential of the Republic of Uzbekistan as a regional industrial hub”.
The participants discussed the growth of production in the private sector of the economy of our country in the fields of petrochemistry, electronics, engineering, light industry, as well as what further steps will increase productivity. The moderator was the Regional Director for Central Asia and Turkey of the International Finance Corporation Wiebke Schlömer.
Chairman of the Board of “Uzkimyosanoat” Zhurabek Mirzamakhmudov noted that work in this industrial sector is being built taking into account the introduction of a cluster system. There are similar clusters based on the Ustyurt complex, as well as JSC Navoiazot. It is expected that work on a cluster basis will soon be launched at the Ferganaazot plant, the plant itself will be modernized and equipped with modern equipment. He also announced the creation of an industrial park in Chirchik, as well as the formation of a cluster based on the AGMK.
“Another educational cluster being created will be aimed at training personnel,” Zhurabek said. Mirzamakhmudov. – Specialized universities will be involved there. For example, there is the Institute of Chemical Technology, as well as a branch of the Russian University of Chemical Technology named after D.I. Mendeleev in Tashkent. We plan to receive a loan for various programs for the development of the chemical industry and continue to develop this area.
Among the issues discussed at the session was the expansion of small and medium-sized businesses in the private sector, which, according to the speakers, will help maintain economic competitiveness while stimulating job creation.
Deputy Director, Regional Head of Finance and Small and Medium Business Development, EBRD Holger Wiefel said privatization in Uzbekistan continues at a rapid pace. This opens up good opportunities for foreign entrepreneurs.
“Uzbekistan has been a closed country from an economic point of view for a long time, so the interest from investors was relatively small,” Holger emphasized. Wiefell. Now it is a country with a large number of young people, which can also be used. In the future, young people need to be employed, help them get a quality education, and become professionals in their field.
During the session, it was noted that the growth of production in the private sector of the economy of Uzbekistan, together with measures to increase resources and energy efficiency, provide the country’s potential to become a regional center of production in the field of petrochemistry, electronics, mechanical engineering, and light industry.
Deputy Minister of Investment and Foreign Trade Khurram Teshabaev expressed confidence that Uzbekistan in 5-10 years will become a regional industrial hub. He also made a forecast that there will be a large demand for engineering and pharmaceuticals. The representative of the public sector also stressed that the coronavirus pandemic had a significant impact on the economy, but despite its negative consequences, new production facilities were launched in the country and new jobs were created. Khurram Teshabayev pointed that consistent and targeted efforts are being made in the country to support entrepreneurship, in particular, small businesses.
Mitsubishi Corporation’s regional representative for Turkey, Central Asia, and the Caucasus, Yasunori Sakamoto, said that the ongoing reforms in the country have a positive effect on business development. In particular, Uzbekistan is developing in the direction of solar energy, in addition, the state has created a platform for investors from foreign countries and in other areas.
