Uzbekistan’s electrical engineering exports surpass $1 billion with plans for expansion
Enterprises in related industries are set to be organized within electrical engineering technoparks.
Shavkat Mirziyoyev held a meeting on the development of the electrical engineering industry in Uzbekistan, as reported by the president's press secretary Sherzod Asadov.
Over the past seven years, investments in this sector have exceeded $1 billion, leading to the creation of over 700 new enterprises and the production of 45 different types of products. The production of electrical appliances has grown by 80%, and the number of companies with revenues exceeding 100 billion UZS has quadrupled.
Uzbekistan’s exports of electrical products have reached $1 billion, making it the second-largest industrial export after textiles. In the past three years, the number of countries importing Uzbek electrical products has doubled, reaching 62.
The next task for the industry is to begin producing high-tech products such as smart cards, generators, office equipment, and telecommunications devices, noted the head of state. This will allow Uzbekistan to tap into the $5 billion regional market potential.
In the face of growing protectionism, Uzbek manufacturers must improve product quality and reduce costs to remain competitive. This can be achieved by expanding value chains, the president emphasized.
Currently, a quarter of electrical exports consist of low-value-added products, such as copper wire. While 80% of electrical cables are used in construction, only four enterprises produce cables for the automotive industry.
Technoparks producing electrical appliances have been instructed to establish cooperation with related industries. In the technoparks of Akhangaran, Fergana, Karshi, and Urgench, up to 10 hectares will be allocated for the production of composite materials, metals, plastics, molding, and other necessities.
New enterprises will be provided with ready-made buildings under the “industrial mortgage” program and will also receive tax benefits. By the end of the year, copper deep processing is expected to reach 60%, and by 2025, 75%.
Recommended
List of streets and intersections being repaired in Tashkent published
SOCIETY | 19:12 / 16.05.2024
Uzbekistan's flag flies high on Oceania's tallest volcano
SOCIETY | 17:54 / 15.05.2024
New tariffs to be introduced in Tashkent public transport
SOCIETY | 14:55 / 05.05.2023
Onix and Tracker cars withdrawn from sale
BUSINESS | 10:20 / 05.05.2023
Latest news
-
New Ambassador of Kyrgyzstan presents credentials to Uzbekistan’s FM Bakhtiyor Saidov
POLITICS | 14:55
-
Gov’t to allocate subsidies for farms producing cotton with their own funds
BUSINESS | 14:28
-
Ministry of Energy: Safe gas burn-off operations ongoing at "M25" mine
POLITICS | 13:45
-
Ministry of Higher Education denies alleged informal “taxation” on private universities
POLITICS | 13:42
Related News
13:06 / 20.01.2025
Kazakhstan suspends potato exports to Uzbekistan for six months
18:59 / 18.01.2025
Uzbekistan aims to increase private sector's share in exports to 60%
11:46 / 17.01.2025
Uzbekistan to create export-oriented SEZs with focus on high-value goods
14:00 / 14.01.2025