Mirziyoyev: Uzbekistan GDP to Reach US$300 Billion by 2030

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s gross domestic product will reach US$300 billion by 2030, while foreign investment attracted over the coming decade will total US$450 billion, President Shavkat Mirziyoyev said at a ceremony marking the 35th anniversary of the Republic of Uzbekistan’s state independence.

Mirziyoyev said Uzbekistan had set a target three years ago to raise GDP to US$160 billion by 2030, but that figure would be exceeded this year. He said Uzbekistan would consequently join the group of upper-middle-income countries.

The president also noted that annual foreign investment into the economy had increased from US$2-3 billion to US$40-50 billion. Uzbekistan’s position in the Index of Economic Freedom had improved by 80 places, and the country had entered the group of states with a moderately free economy.

Mirziyoyev separately highlighted efforts to reduce poverty. Through the “mahallabay” system, which focuses on increasing the incomes and employment of families in need, the poverty rate has fallen from 35% in 2017 to 4%, he said.

Looking ahead to the next decade, the president said Uzbekistan would implement a national programme to shift the economy towards a model based on high technologies and high labour productivity. The programme envisages creating 2 million high-paying jobs in industry, while startups, venture financing and artificial intelligence will be among the priority areas.

According to the president’s calculations, these measures will raise GDP per capita above US$10,000 over the next decade.

Mirziyoyev also said an ecosystem would be created to enable small businesses to move into the medium-sized category and medium-sized enterprises to develop into large companies and corporations.