Additional growth drivers for the capital’s economy identified

President Shavkat Mirziyoyev chaired a meeting to ensure high economic growth rates, fully utilize available reserves, and expand favorable conditions for entrepreneurship in Tashkent.

At the meeting, it was noted that the current global situation and changes in foreign markets may negatively affect export supply chains and product delivery times. It was emphasized that, under such circumstances, the priority task is to identify and promptly mobilize additional reserves.

It was emphasized that the capital occupies a special place in the national economy. Currently, Tashkent accounts for 21 percent of the gross domestic product. The current year has been declared the “Year of Accelerated Development of the Capital and Growth of Incomes”, with ambitious targets to ensure 12 percent economic growth in the city, achieve $3.6 billion in exports, attract $9 billion in investment, and provide employment for 616,000 people.

In this regard, it was noted that the city hokim, his 12 deputies, and the hokims of 12 districts need to take proactive measures to offset a possible slowdown in the sectors of industry, exports, investment, and tourism. The President emphasized that the capital has sufficient labor resources and financial capacity for this purpose.

At the meeting, it was noted that under a new approach this year, the city’s 12 districts will specialize in specific industries or services.

In particular, Bektemir district will focus on the chemical industry and wholesale trade, Mirzo Ulugbek district on the cable industry, science, education, and IT, Mirabad district on the food industry, tourism, and public catering, Uchtepa district on jewelry production, household services, and retail trade, Chilanzar district on pharmaceuticals, trade, services, and sports, Shaykhantakhur district on furniture manufacturing and gastronomic tourism, Yunusabad district on the paper industry and tourism, Yashnabad district on electrical engineering and the transport and logistics sector, Yakkasaray district on light industry and financial services, Yangihayot district on automotive manufacturing and logistics, Almazar district on the production of construction materials and education, and Sergeli district on metallurgy, logistics, and automotive services.

It was noted that over the past two weeks in Tashkent, meetings have been held with more than 23,000 entrepreneurs to develop non-standard proposals, more than 1,300 issues have been identified, and 162 new proposals and initiatives have been received. It was emphasized that none of the issues raised or proposals put forward should be left without attention.

The capital plans to create a new experience by introducing a special investment and business environment. In particular, it is envisaged that the authority to issue permits and licenses for businesses will be delegated from the relevant ministries and agencies to their territorial subdivisions, new approaches to supporting exporting enterprises will be introduced, a system for the prompt resolution of entrepreneurs’ logistics problems will be established, and new mechanisms of concessional financing will be developed to provide working capital and expand businesses.

It was proposed to establish a separate Coordination Council to resolve entrepreneurs’ problems and proposals promptly. It will be tasked with developing districts based on driver industries, continuously monitoring the economic and social environment, identifying growth points and untapped reserves, eliminating systemic barriers, and formulating, financing, and implementing ideas and initiatives.

Overall, the task has been set to mobilize all opportunities and to ensure the production of goods worth 88 trillion UZS, exports totaling $4.9 billion, the attraction of $5 billion in investment, budget revenues amounting to 2.9 trillion UZS, and the creation of 65,500 high-income, permanent jobs.

It was also proposed to issue municipal eurobonds to raise an additional $500 million for Tashkent this year.

Instructions were given to approve a program to expand localization and cooperation by linking the capital’s entrepreneurs with large industrial enterprises in Tashkent, Navoi, Kashkadarya, Andijan, Bukhara, and Fergana regions.

The need was also noted to conduct a comprehensive analysis of Tashkent’s economy in the future and to develop a strategy for its development, with the involvement of major international consulting companies.