TASHKENT, Jan. 20 (Xinhua) -- The volume of investments in Uzbekistan reached 220.7 trillion soums (23.1 billion U.S. dollars) in 2019, exceeding the target by two times, the country's Ministry of Investments and Foreign Trade has said.
In particular, the volume of investments in fixed assets amounted to 189.9 trillion soums (19.8 billion dollars), with a year-on-year growth rate of 1.3 times, the ministry said in a statement released Saturday.
"The share of the volume of investments in fixed assets in the structure of GDP (gross domestic product) increased from 30 percent in 2018 to 36.2 percent in 2019," it said.
According to the ministry, the growth was due to "an increase in the inflow and development of foreign investment and loans in the amount of 13.3 billion dollars," of which 9.3 billion were foreign direct investment (FDI) and 4 billion funds of international financial institutions.
Uzbekistan's main partners in attracting FDI were China, Russia and Germany, it said, adding that active growth in attracting FDI was observed in such areas as electricity, metallurgy, textile, leather footwear, as well as oil and gas.
From all sources of financing, the development of investments in fixed assets in 2020 is projected in an amount of 233.2 trillion soums (24.4 billion dollars), the ministry said.
Since Shavkat Mirziyoyev was elected president in 2016, Uzbekistan has taken a series of measures to promote economic reforms, including the elimination of foreign exchange controls, reduction of tax burdens, and preferential treatment for foreign investment.
According to the country's Ministry of Economy and Industry, Uzbekistan's GDP in 2019 grew by 5.5 percent, exceeding the projected rate of 5.4 percent, and the inflation in 2019 decelerated to 15.2 percent against the forecast of 15.5 percent.
