Sunday, 09, May, 2021

The localization program will allow Uzbekistan before the year-end to organize the production of import-substituting products worth over US$ 3 billion and increase exports by US$ 1 billion, said the Deputy PM/Minister of Investments and Foreign Trade Sardor Umurzakov at the opening of the international industrial exhibition INNOPROM in Tashkent on April 5.

According to him, the localization program offers businesses more than 2,300 projects in Uzbekistan and the opportunity to take advantage of a number of benefits, including receiving priority land plots, buildings and structures.

Sardor Umurzakov said that work is underway to liberalize the foreign trade regime, within which “import, customs duties and excise taxes on a wide range of products have been significantly cut or completely abolished,” and all quantity restrictions on imports have been canceled.

According to him, over the past four years, the share of industry in the country's GDP has increased from 26% to 36%, the volume of industrial production - by 3.3 times, including the metallurgical industry - by 10 times, the automotive industry - by 8 times, electrical engineering - by 5 times, chemical - by 3 times, textile - by 2.6 times, pharmaceutical - by 2 times, mining - by 3 times. The share of industrial products in exports also increased from 24% to 33.6%.

Latest in National