Uzbekistan development strategy.

Uzbekistan Seeks Robust National Economy in New Strategy

BY :JAYANTY NADA SHOFA

MARCH 04, 2022

Jakarta. Uzbekistan has recently adopted a new five-year development strategy that places a robust national economy as a priority.

On Jan. 28, Uzbek President Shavkat Mirziyoyev inked the New Uzbekistan's Development Strategy for 2022-2026 Decree. The development strategy encompasses seven priorities and a hundred goals that the Uzbek government hopes to achieve within the next five years. 

One of its priorities is to develop a robust national economy that ensures rapid growth, according to a document titled the “Development Strategy of New Uzbekistan for 2022-2026”, translated by the Development Strategy Center.

Uzbekistan has set a goal to boost its gross domestic product (GDP) per capita in the next five years by 1.6 times, and reach over $4,000 per capita income by 2030. It aims to climb up to the upper-middle income status by 2030. Uzbekistan is also hoping to improve its investment climate to draw more investors into the country. 

“Take measures to attract $120 billion, including $70 billion in foreign investment, over the next five years,” the 2022-2026 Development Strategy document reads.

Uzbekistan aims to attract $14 billion in public-private partnerships in energy, transport, health, education, ecology, utilities, water, and other sectors. Among the country’s strategies to bring in foreign investments is to hold the annual Tashkent International Investment Forum, starting this year.

Uzbekistan also plans to establish a new system of efficient use of investments and increase exports, based on the “bottom-up” principle.

Another target goal for the Central Asian country is to ramp up industrial production.

"Increase the volume of industrial production by 1.4 times by continuing the industrial policy to ensure the stability of the national economy and increase the share of industry in GDP," the document reads.

Uzbekistan also plans to boost its exports to $30 billion by 2026, among others, by bringing the share of the private sector in exports to 60 percent. 

Just like Indonesia, Uzbekistan also has set its sights on developing its digital economy. Uzbekistan aims to increase the size of its digital economy by at least 2.5-fold, making it its primary economic driver. 

The seven priorities in Uzbekistan's 2022-2026 Development Strategies.

A robust economy is not Uzbekistan’s only priority. Below is the seven priorities that Uzbekistan will pursue in its 2022-2026 plan: 

  • to build a people's state by elevating human dignity and the furtherance of a free civil society;

  • to establish the principles of justice and the rule of law as the most fundamental and critical conditions for the country's development; 

  • to develop a robust national economy that ensures rapid growth;   

  • to pursue just and fair public policies, human capital development; 

  • to ensure the elevation of spiritual values through developing those institutions tasked with their stewardship;  

  • to approach global challenges through the lens of national interests;  

  •  to strengthen the country's security and defense potential, while pursuing an open, pragmatic and active foreign policy.   

The World Bank reported that Uzbekistan’s GDP reached $59.9 billion in 2020. Its GDP per capita amounted to $1,751 in the same year. The World Bank data also shows Uzbekistan foreign direct investment stood at $1.7 billion in 2020.

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