Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Investments, Industry, and Trade (MIIT) of Uzbekistan issued an official statement refuting the findings of a report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

The ESCAP report claimed a 49% drop in investments in Uzbekistan in 2024, totaling US$4 billion.

Jasur Kambarov, Head of the MIIT Investment Monitoring Department, emphasized that the ESCAP report relies on preliminary plans of foreign companies and does not reflect actual investment figures.

“ESCAP experts use data from platforms that compile information from press releases, media reports, and company announcements of investment intentions. Such data often represent plans that are still at the memorandum stage and may take years to materialize,” Kambarov explained.

He cited an example from the report regarding an US$11 billion project in another regional country, which is still in the memorandum phase and far from real implementation.

To address inaccuracies, the ministry has sent detailed data to ESCAP, outlining actual investments and projects involving foreign partners, following UNCTAD methodology.

According to official figures, Uzbekistan’s portfolio of investment projects with active financing totals US$148 billion. In 2024, investment absorption is expected to reach US$36 billion, a 30% increase compared to the previous year. Since the beginning of the year, over 240 large and medium-sized projects with foreign participation have been launched.

Kambarov highlighted key achievements in the energy sector, where five solar and wind power plants with a combined capacity of approximately 2,300 megawatts have been commissioned in Bukhara, Navoi, Namangan, and Tashkent regions.

Additionally, five high-voltage substations have been launched, with total investments in the energy sector exceeding US$7 billion.

In metallurgy, three projects worth US$881 million were launched. The chemical industry saw 15 projects totaling $267 million, while the textile sector introduced 32 projects valued at US$546 million.

Kambarov also expressed regret over the hasty dissemination of unverified information by some media outlets and bloggers, which he warned could harm Uzbekistan’s image. “Our ministry is always open for collaboration. Journalists should consult authorized bodies to avoid spreading distorted data,” he stated.

The ministry reaffirmed Uzbekistan’s commitment to strengthening its position as a reliable partner for foreign investors, offering favorable conditions for large-scale projects.