President of the Republic of Uzbekistan Shavkat Mirziyoyev has held a meeting to discuss economic development in the country expected by the end of the current year and main tasks for ensuring socio-economic development in 2020.

President of the Republic of Uzbekistan Shavkat Mirziyoyev has held a meeting to discuss economic development in the country expected by the end of the current year and main tasks for ensuring socio-economic development in 2020.

Measures essential for adoption within a short period of time remaining to the end of year were considered at the meeting. In particular, mobilization of available reserves should be carried out to increase production volumes at industrial companies, eliminate tax arrears of large enterprises in the oil and gas, electricity, chemical sectors and other areas.

The state of investment development was considered. The Head of the state pointed out that in 31 projects this process was behind schedule, while 8 regional projects were recognized as ineffective.

Special attention was paid at the meeting to the realization of key economic forecasts for 2020.

Thus, next year, gross domestic product is expected to grow by 5.5 percent, industrial production to increase by 6.5 percent, agricultural – by 4 percent, as well as the services sector – by 5.7 percent.

The Ministry of Economy and Industry, the Ministry of Finance and the Central Bank have been instructed to urgently and thoroughly assess the potential risks in securing forecast indicators, and coordinate the activities of all agencies in this direction.

President Shavkat Mirziyoyev pointed to the availability of enormous reserves in agriculture, the use of which would accelerate the development of the textile, food and leather-footwear industries, manufacturing sectors. Relevant officials briefed the meeting participants on the steps due next year within the framework of the Concept for Agriculture Development in 2020-2030.

The importance to boost production of finished goods achieved with sustainable industrial development, primarily in metallurgy, oil and gas, coal mining, chemical industries, building materials and automotive industries, was emphasized.

The Ministry of Economy and Industry has been tasked with delivering conditions for the efficient operation of economy sectors, with ensuring their guaranteed supply of resources.

Special emphasis was placed also on factors arising under the influence of various economic confrontations in the world. In this regard the Head of the state warned that the coming year will be rather difficult and full of trials. Shavkat Mirziyoyev thus instructed to take necessary measures to ensure growth in exports of products and services by at least 20 percent compared with the current year indicators. 

The meeting participants also thoroughly discussed issues of saturation of the domestic market with consumer goods. The President specified officials responsible for preventing the unjustified rise in food prices, for monitoring the movement of products with full coverage of the process of procurement, processing and marketing.

Shavkat Mirziyoyev set the task to implement 201 projects in the coming year in a timely manner, as well as to work out a draft Investment Program for 2020-2022.

Next year, about 400 thousand jobs are projected for creation through the realization of regional investment projects and establishment of new small businesses. Responsible officials were instructed to launch systemic work in these areas.

Reports were presented on issues discussed at the meeting and basic measures were identified.