Uzbekistan targets 6.5 percent inflation ceiling amid global market volatility

The president noted that increasing energy costs are directly impacting the production expenses of transport and petrochemical products, with notable price hikes observed in polyethylene and polypropylene. To counter these external pressures, officials have been instructed to take immediate measures to ensure the stable import of essential food products and to resolve transport and logistics bottlenecks by using alternative trade corridors. A particular emphasis was placed on preemptively addressing the challenges entrepreneurs face regarding raw materials, market access, and credit availability.

Disruptions in the transport–logistics system and the rising cost of freight were highlighted as primary hurdles for the nation's exporters. In response, the president set tasks to strengthen cooperation with neighboring countries and promote the export of food products via air transport through the introduction of discounted tariffs for local businesses.

The discussion also extended to the climate for foreign investment. While Uzbekistan attracted $8.3 billion in foreign investment during the first two months of the year, the president warned that the global situation could affect certain ongoing projects. Consequently, he ordered a regular analysis of every investment project and the establishment of a continuous dialogue with international investors to ensure stability.

In the banking and financial sector, the dynamics of lending to support businesses were carefully reviewed. Despite positive indicators, including a 7.7 percent growth in industrial volume and a 15.4 percent rise in the services sector during January and February, the president cautioned leaders against complacency. He stressed the necessity of assessing risks in advance and finding rapid solutions to emerging problems in the banking system and construction programs.

The meeting concluded with specific assignments for responsible officials to rein in inflation, secure industrial and export targets, and accelerate the implementation of investment projects. With $3.5 billion in exports already realized in the first two months, the government aims to sustain this momentum while shielding the domestic market from global price fluctuations.