President of Uzbekistan: 2024 will be year of efficiency and reduction of costs in economy

In Uzbekistan, 2024 will be the year of efficiency and reduction of costs for the leaders of the economic complex and all state -owned enterprises.

This was stated by the President of Uzbekistan Shavkat Mirziyoyev at a meeting on January 16, his spokeswoman Sherzod Assadov reports.

According to the head of state, this year it is planned to increase the country’s GDP by at least 6 percent – up to $ 100 billion.

It was noted that last year the industry increased by 6 percent, but the value added in production did not exceed 40 percent.

“We are not satisfied with these figures. This is mainly due to import dependence, high energy consumption and excessive costs,” the head of state said.

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Despite the decrease in the tax burden on large industrial industries, many of them increase their costs instead of bringing income to the state. In particular, at 10 large enterprises, expenses grew faster than income, the president noted.

“From now on, the mechanisms of support in industry will be provided primarily by products that create high value added and having the market,” Mirziyoyev emphasized.

The head of state instructed the responsible managers to approve and implement measures to increase the added value by 45 percent, reduce the cost of 15 percent and provide 7 percent growth of the industry in 2024 in the context of each enterprise.

The Center for Economic Research and Reforms, the Institute of Macroeconomic and Regional Research and the Strategic Reform Agency set the task of analyzing at least 2 industries per month and offer how to reduce costs, increase value and labor productivity, as well as use new opportunities.

The main task of the management of the economic complex in 2024 will be GDP growth by at least 6 percent due to increasing efficiency in the economy, said Shavkat Mirziyoyev.

The president emphasized that the budget deficit should not exceed 4 percent by strengthening financial discipline (which is not observed in recent years).

At the same meeting, the president instructed to reduce the number of deputies in the economic block of the government by 15 percent (now there are 40 of them), since they lack “modern thinking and efficiency in decision -making.”