The Ministry of Investment and Foreign Trade of Uzbekistan has refuted the ESCAP report claiming a decline in investments in the country.

Jasur Kambarov, the head of the investment monitoring department at MITP, emphasized that the data presented in the ESCAP report is based on preliminary plans from foreign companies and does not reflect the actual volume of investments made.

“ESCAP experts utilize data from platforms that aggregate information from press releases, media reports, and companies' statements about their intentions to invest in specific countries. Such data only reflect plans, which are often in the memorandum stage and require many years for implementation,” Kambarov explained.

As an example, he cited a project mentioned in the report valued at $11 billion in one of the countries in the region, which is currently in the memorandum signing stage.

According to him, such initiatives are still far from the stage of actual investments.

To refute the incorrect information, the ministry sent detailed data to ESCAP regarding the actual investments made in Uzbekistan and projects involving foreign partners, developed according to UNCTAD methodology, the ministry representative noted.

According to official data, the total portfolio of investment projects in Uzbekistan with funding already opened amounts to $148 billion. In 2024, the investment utilization is expected to reach $36 billion, which is 30% higher than last year’s figures. Since the beginning of the year, more than 240 large and medium-sized projects with foreign participation have been put into operation.

Kambarov paid particular attention to achievements in the energy sector. In the Bukhara, Navoi, Namangan, and Tashkent regions, five solar and wind power plants with a total capacity of approximately 2.3 thousand megawatts have commenced operations.

Additionally, five high-voltage substations have been put into operation, and the total investment in the energy sector has exceeded $7 billion.

The metallurgy sector demonstrated the launch of three projects worth $881 million, the chemical sector initiated 15 projects totaling $267 million, and the textile sector saw 32 projects worth $546 million.

Kambarov also expressed regret regarding the rush of some media outlets and bloggers to spread unverified information, which could negatively impact Uzbekistan's image. “Our ministry is always open to cooperation. Journalists should seek comments from the authorized bodies to avoid the dissemination of distorted data,” he noted.

The ministry emphasized that Uzbekistan continues to strengthen its position as a reliable partner for foreign investors, offering favorable conditions for the implementation of large-scale projects.