October 21, 2008
Press-Release On the outcomes of session of the Cabinet of Ministers of the Republic of Uzbekistan on social and economic development of the country for over nine months of 2008
On October 17, 2008 the session of the Cabinet of Ministers of the Republic of Uzbekistan on the outcomes of social and economic development of Uzbekistan for over 9 months of 2008 took place in Tashkent. The delegates to the session worked out additional measures on providing for realization of priority tasks of deepening economic reforms put forward by the President of the Republic of Uzbekistan Islam Karimov at the session of the Government on February 8 and July 18, 2008.

The participants of the session noted that for over past nine months of this year the gross domestic product (GDP) growth made up 9.4%, volume of industrial production – 12.4%, production of consumer goods – 18.4%, agriculture – 4.1% and services – 18.5%.

The high growth rate of exports provide for significant positive balance of foreign trade turnover. The state budget has been accomplished with a surplus of 1.9% towards GDP, while the level of inflation did not exceed the forecast indicators.

Favorable investment climate and active implementation of investment programs, programs of localization of production, modernization, technical and technological re-equipment of the most important sectors of economy ensured the growth of assimilated investments by 22.4%, including direct foreign investments – by 33.5%.

284 production facilities were put into operation. The third and fourth rows of installations for extracting propane and butane mixture at the Shurtan Deposit, textile factory Alyorteks in Andijan Province, joint venture on producing polymeric pipes Zamonaviy polimer quvur in Jizzakh Province, as well as milk processing plant Ost-Milch in Tashkent Province have been commissioned.

The measures now underway to stimulate and support entrepreneurship, as well as curb tax burden provided for increase of net share of small businesses in gross domestic product up to 45.3% against 43.1% in the same period last year.

Thanks to active implementation of purposeful policy programs of development, 545.200 new jobs were established, including in the sphere of services – 188.200 and by way of setting up a home-based labor – 85.100 jobs.

The delegates to the session paid a particular attention to discussion of the outcomes of activity of financial and banking structures for over the past nine months and anticipated indicators for 2008, as a whole. They have underscored that despite the expanding scale of financial crisis, which had engulfed many countries, the banking system of Uzbekistan proves its reliability and stability of development, absence of dependence from foreign resources of financing and non-susceptibility to the negative influence of foreign crisis phenomena.

Measures now being undertaken in Uzbekistan to steadily increase capitalization of banks, deepen diversification and better quality of their assets as well as commitment of the nation’s banks to establish stable resource basis based on attracting long-term resources promote further strengthening and raising of reliability of banking system of Uzbekistan. The trust of population to a domestic banking system is stable that testifies to the growth of people’s deposits into banks up to 8.6 times for over the past 5 years, including during the past nine months of 2008 – 1.5 times.

The delegates to the session discussed the implementation of State program on land-improving of irrigated soil for the period 2008-2012. They have noted an importance of events and projects now underway in the country as a part of the State program on bettering land-improvement condition of irrigated soils for further stable developing agricultural production, raising fertility of soils and increasing productivity of agricultural goods.

On the outcomes of discussion of issues on the session’s agenda the delegates adopted a resolution which envisaged additional measures on providing for realization of important priorities of social and economic development of the country for 2008 and establishing reliable guarantees for stable development of economy of Uzbekistan next year.

City of Tashkent October 20, 2008

Press-Service of MFA Republic of Uzbekistan


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