Expert: Central Asia’s openness accelerates industrial and technological transformation
Tashkent, Uzbekistan (UzDaily.com) – First Deputy Director of the Institute of Strategic and Interregional Studies under the President of the Republic of Uzbekistan, Akramjon Nematov, assessed Central Asia’s openness as accelerating the process of industrial and technological transformation.
He made these remarks at the international scientific-practical conference "Eurasia in a New International Context: Economy, Politics, Security," organized as part of the Primakov Readings at the Institute of World Economy and International Relations of the Russian Academy of Sciences.
Nematov highlighted Uzbekistan’s ongoing concerted efforts with partners, including Russia, in systematically establishing and strengthening reliable and secure production-logistics chains in the region. Uzbekistan is promoting a new model of economic cooperation based on intra-regional trade development and industrial-technological infrastructure.
The expert noted that Central Asia as a whole benefits from these efforts, with stability and sustainable development in the region being a key priority of Uzbekistan’s foreign policy. This approach aims to transform Central Asia into a significant industrial-technological hub, an integral part of interregional connectivity, and a robust prospective market, emphasized the political scientist.
Moreover, Nematov believes that Uzbekistan and Central Asia’s openness accelerates the process of industrial and technological transformation. "Thanks to the pragmatic and balanced policies of our countries in the region, healthy competition is maintained, attracting investments and technologies."
Over the past 22 years, the cumulative volume of foreign investments in Central Asian states has increased more than twentyfold, from US$12.2 billion to US$251.4 billion. According to international experts’ estimates, Central Asian states could attract around US$170 billion in foreign investments by 2030," stated the ISMI representative.
The expert highlighted Uzbekistan’s particularly high dynamics in attracting investments. In the last 6 years alone, Uzbekistan attracted US$14.6 billion in Chinese investments, increasing them sixfold, US$7.5 billion in Korean investments, and US$1.2 billion in Turkish investments, showing a threefold increase. These investments are directed towards establishing industrial clusters, biotechnological parks, semiconductor industries, design and technological centers, with the ultimate goal of adding value. Over the past 4 years, the volume of investments in fixed capital has increased from 24% to 35% of GDP, with GDP growing 1.5 times, and utilization levels increasing to US$22 billion in 2023.
In conclusion, Nematov is convinced that Central Asia is rapidly transforming into a new, promising, trade-economic "crossroads of interests," which will contribute to the shared goals of fostering constructive processes across the vast Eurasian space, both now and in the future.
