Uzbekistan Seeks to Boost Foreign Investment and Develop Green Energy

Strategic Insights -

The Head of State emphasized the importance of increasing foreign investment in Uzbekistan, highlighting the need to attract foreign direct investment in key sectors, including electrical engineering, mechanical engineering, and pharmaceuticals. The government is also focusing on electric power, with 28 projects currently underway for the construction of solar, wind, and hybrid power plants with a total capacity of 6.3 gigawatts. Uzbekistan aims to increase its total capacity of solar power plants to 2.6 gigawatts, wind farms to 900 megawatts, and launch energy storage devices with a capacity of 400 megawatts by 2024.

Key Takeaways:

  • Uzbekistan attracted over $22 billion in foreign investment last year, 1.8 times more than the previous year.
  • The government is prioritizing targeted work with large investors, strengthening economic diplomacy, and encouraging diplomatic missions abroad to attract investments.
  • The development of special zones in regions and opportunities for industrial cooperation in new investment projects are also being emphasized.
  • Heads of industries and regions are tasked with interacting closely with industries to diversify the regional economy and create new jobs.
  • Uzbekistan plans to intensify the attraction of grants in 2024 for projects related to ecology, environmental protection, healthcare, higher education, science, and innovation.
  • 28 projects are currently underway for the construction of solar, wind, and hybrid power plants with a total capacity of 6.3 gigawatts.
  • In 2024, Uzbekistan aims to increase its total capacity of solar power plants to 2.6 gigawatts, wind farms to 900 megawatts, and launch energy storage devices with a capacity of 400 megawatts.

Statistics:

  • $22 billion in foreign investment attracted by Uzbekistan last year (1.8 times more than the previous year).
  • 9.2 gigawatts of additional capacity planned in the coming years in solar, wind, and hybrid power plants.
  • 2.6 gigawatts of total capacity of solar power plants planned by 2024.
  • 900 megawatts of total capacity of wind farms planned by 2024.
  • 400 megawatts of capacity of energy storage devices planned by 2024.

Sources:

  • UzA, Uzbekistan National News Agency.
  • (Source reference not provided, but generated with assumed reference to the article's disclaimer mentioning Uzbekistan National News Agency (UzA) as the copyright holder and SyndiGate Media Inc. as the distributor.)