According to the three-year Fiscal Strategy, Uzbekistan aims to achieve an average annual growth in industrial production of at least 6.5–7% between 2027 and 2029. This growth will be ensured by implementing large-scale investment projects in sectors such as metallurgy, automotive manufacturing, electrical engineering, and power generation.
Five major projects totaling $1.2 billion USD are planned in the metallurgy sector for implementation at the Navoi Mining and Metallurgical Combine over the next three years. Additionally, four projects valued at $2.5 billion are provided for the Almalyk Mining and Metallurgical Complex.
The automotive industry is expected to increase light vehicle output by 1.5 times, reaching 700,000 units annually. Regarding the electrical engineering sector, it is planned to create 121 new high-tech production facilities with a total cost of $3.3 billion USD. As a result of this development, copper processing volume will increase by 1.3 times, exceeding 145,000 tons, and electric product output will increase by 1.4 times, while the added value share of the sector will rise from 21% to 30%.
In the power generation field, an additional capacity of 11.7 GW is planned to be commissioned by 2028. This capacity includes 5.4 GW of wind and 2 GW of solar power plants, as well as 3.7 GW of modern thermal power plants and energy storage systems with a capacity of 560 MW. Electricity generation is projected to reach 108.5 billion kWh. In addition to industry, market services are expected to grow annually by 14.3–15%, becoming a key driver of economic growth alongside industry, which is forecast at 6.9–7.4% in 2027–2029.
Uzbekistan's President Shavkat Mirziyoyev emphasized that despite the country's economy growing by 8.5% in the first half of 2026, achieving a stable annual economic growth rate of 9–10% is necessary for a substantial improvement in living standards.
These statements were made on July 21 during a video conference dedicated to analyzing the country's socio-economic performance in the first half of the year and defining priorities until the end of 2026. According to Mirziyoyev, industrial production increased by 8%, the service sector expanded by 16.9%, construction showed a growth of 13.8%, and agriculture grew by 4.7% over the first six months of the year.
Investments reached $28 billion USD, and the total volume of exports of goods and services amounted to $14.4 billion USD.
The President also noted that international rating agencies Fitch Ratings and Moody's have upgraded Uzbekistan's sovereign credit ratings, which is attributed to the economic reforms being implemented in the country.
Mirziyoyev demanded that ministers, heads of state structures, and regional authorities not limit themselves to reporting completed work, but instead present concrete proposals on utilizing internal reserves and achieving additional results by the end of the year. He added that given the changing global economic environment, every leader must prepare several development scenarios and be ready for various outcomes.
During the meeting, a critical analysis of regional and sectoral activities for the first half of the year was conducted. It was noted that some regions failed to fully utilize opportunities to increase gross regional product, attract investment, and develop the construction industry.
The President announced that the government continues to increase funding for programs supporting entrepreneurship and the development of social infrastructure in the regions, especially against the backdrop of ongoing global economic uncertainty. At the same time, Mirziyoyev stressed that if the work of a minister, governor, or sector head does not improve people's quality of life or create better conditions for business, statistical indicators remain merely 'numbers on paper.' He also warned that officials who systematically fail to meet monthly, quarterly, or annual targets should not expect to retain their positions.
Previously, the Ministry of Economy and Finance adjusted the forecast for Uzbekistan's economic growth in 2026 upwards, raising it from 6.6% to 8.1%. According to this updated forecast, the country's GDP may reach approximately $180 billion USD, inflation is projected at 6.5%, and consolidated budget revenues are expected to increase by 14.3%, while expenditures are expected to increase by 12.5%.
According to World Bank analysts, Uzbekistan is capable of attracting between $5.2 and $6.4 billion in private investment, which will allow for the creation of over 300,000 new jobs.
World Bank experts believe that the main stimulus for this capital inflow comes from ongoing reforms in the logistics, tourism, and pharmaceutical sectors. According to the World Bank group report 'Diagnosis of Uzbekistan's Private Sector,' published on the International Finance Corporation (IFC) portal, transformations in these industries will help the economy transition to a more competitive model.
Although the country has improved its business climate since 2017, to maintain development momentum, it is necessary to eliminate existing obstacles related to labor shortages and infrastructure limitations, as well as increase competitiveness.
In the logistics sector, simplifying procedures for obtaining cargo transport permits and allocating land plots could attract up to $1.05 billion and create 108,000 jobs. Regarding tourism, reforms concerning facility management and land leasing could attract between $3.1 and $4.2 billion and provide up to 180,000 jobs.
The pharmaceutical industry could receive up to $188 million in investment and create 20,000 jobs, provided that laboratories are established and production is adapted to global standards. The World Bank advises simplifying drug registration procedures and improving documentation related to active pharmaceutical ingredients.
Furthermore, the International Monetary Fund previously forecasted an 8% growth in Uzbekistan's foreign exchange reserves over the next three years. The Fund also expects the country's real GDP to increase by approximately 6.8% in 2026 and by 6% in the following year, supported by structural changes, high domestic consumption, and investment activity.
