Uzbekistan's MIIT responds to ESCAP report on investment decline

Head of the MIIT Investment Monitoring Department, Jasur Kambarov, said: 

"As an employee of the Ministry of Investment, Industry, and Trade of the Republic of Uzbekistan, I cannot remain silent regarding reports in some media outlets claiming that investments in Uzbekistan have fallen by 49% in 2024.

I carefully studied the report by the ESCAP on investment attraction in the region in 2024. What did I conclude? ESCAP experts, when preparing their report, used data from a platform that aggregates information based on press releases, media reports, and company statements about intentions to invest in a particular country.

Thus, the report reflects only the preliminary plans of foreign companies and does not confirm actual investments made. For instance, the ESCAP report mentions that an investor plans to build energy facilities worth $11 billion in one of the countries in the region. A simple internet search showed that the memorandum on these plans was signed only a few months ago. All specialists understand that materializing such large-scale projects requires many years.

It is therefore essential to distinguish between plans and actual investments. As someone responsible for investment accounting, it was disappointing to see the media and blogging community spreading inaccurate information without delving into the details.

In this regard, my colleagues and I have prepared and sent detailed information to ESCAP about the actual investments implemented in Uzbekistan and the projects launched with foreign investments in recent years. By the way, the data is compiled based on international statistical reporting standards using UNCTAD methodology.

I believe it would be helpful to provide some data here. Currently, Uzbekistan has an overall portfolio of investment projects with open financing amounting to $148 billion. Of this, $36 billion is expected to be utilized in 2024, which is 1.3 times more than last year. Moreover, over 240 large and medium-sized projects involving foreign investments have been commissioned since the beginning of this year.

For example, in the energy sector alone, 24 projects worth over $7 billion have been commissioned. Specifically, in the Bukhara, Navoi, Namangan, and Tashkent regions, five solar and wind power plants with a total capacity of about 2,300 megawatts, as well as five high-voltage substations, have been connected to the grid.

In the metallurgy sector, three projects worth $881 million have been launched; in the chemical sector, 15 projects worth $267 million; in the textile industry, 32 projects worth $546 million; and so on.

Our ministry is always open to the media, and we would like journalists to contact authorized bodies for comments and accurate information before disseminating unverified data. The spread of distorted information can negatively affect the image and investment attractiveness of our country."