MIPT responded to the ESCAP report regarding the decline in investment inflows.

According to the ESCAP report, the volume of attracted investments in Uzbekistan for 2024 decreased by 49% compared to the previous year, totaling 4 billion dollars.

Head of the Investment Monitoring Department of the Ministry of Investments, Industry and Trade J. Kambarov:

As an employee of the Ministry of Investments, Industry and Trade of the Republic of Uzbekistan, I cannot refrain from commenting on reports in some media stating that investments in Uzbekistan have fallen by 49% in 2024.

I have thoroughly reviewed the report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) regarding investment attraction in the region for 2024. What did I find? ESCAP experts based their report on data from a platform that aggregates information based on press releases, media reports, and companies' statements of intent regarding investments in various countries.

Therefore, the report only reflects the preliminary plans of foreign companies and does not serve as confirmation of actual investments made. For instance, the ESCAP report mentions that an investor plans to construct energy facilities worth 11 billion dollars in one of the regional countries. A simple internet search revealed that a memorandum regarding such plans was signed only a few months ago. All experts understand that bringing such large-scale projects to fruition requires many years.

Thus, it is crucial to distinguish between plans and actual investments made. As a specialist responsible for investment accounting, I found it disheartening to see that the media and the blogging community, without proper understanding, began to spread incorrect information.

In this regard, my colleagues and I prepared and sent detailed information to ESCAP regarding the actual investments made in Uzbekistan and the projects involving foreign investments over the past years (by the way, the data is compiled based on international statistical reporting standards following UNCTAD methodology).

I believe it will be useful for me to present some data here. Currently, the total portfolio of investment projects in Uzbekistan, for which financing has been opened, amounts to 148 billion dollars. Of this, 36 billion dollars is expected to be utilized in 2024, which is 1.3 times more than last year. Additionally, since the beginning of this year, more than 240 large and medium-sized projects involving foreign investments have been commissioned.

For example, in the energy sector alone, 24 projects with a total value of over 7 billion dollars have been commissioned. Specifically, in the Bukhara, Navoi, Namangan, and Tashkent regions, 5 solar and wind power plants with a total capacity of about 2,300 megawatts, as well as 5 high-voltage substations, have been connected to the grid.

In metallurgy, 3 projects worth 881 million dollars have been launched, in chemistry – 15 projects worth 267 million dollars, in the textile industry – 32 projects worth 546 million dollars, and more.

Our Ministry is always open to the media, and we would like journalists to consult with authorized bodies for comments and accurate information before disseminating unverified data. Because the replication of distorted information can negatively impact the image and investment attractiveness of our country.