Uzbekistan’s Construction Sector Secures $12 Bn Over 10 Years
Over the past decade Uzbekistan has attracted $12 bn in investments into its construction industry. President Shavkat Mirziyoyev announced the significant financial milestone during a recent government meeting dedicated to the sector’s ongoing development.
According to the head of state this substantial influx of capital has successfully facilitated the launch of 4,000 new enterprises across the republic.
«The country has created capacities that fully meet domestic demand for more than 20 main types of construction products including cement, glass, basalt, ceramics, gas blocks and dry building mixtures,» Mirziyoyev stated.
Local production and export growth
Uzbekistan is actively expanding its manufacturing capabilities to include thermal insulation materials, composites, environmentally friendly finishes and modern floor coverings. The President proudly noted that the nation has now localised the production of 98% of all the building materials required for standard residential and industrial projects.
This strategic push for manufacturing self-sufficiency has yielded impressive economic results over the last few years:
- Overall production volume within the sector has surged from 7 trln to 53 trln soums.
- Industry exports reached a highly impressive $1.2 bn by the end of last year.
- Annual domestic demand for materials to support upcoming housing and infrastructure projects is currently valued at a minimum of $10 bn.
Ambitious housing targets for 2040
To address the growing needs of the population a large-scale housing provision programme was adopted earlier this year. Under this new initiative the government plans to double residential construction volumes to deliver 280,000 houses and flats per year by 2040. Furthermore the total number of «New Uzbekistan» residential complexes will be expanded from 61 to 120.
This residential boom is being accompanied by massive commercial development with between 20 and 25 mln square metres of commercial real estate being commissioned annually.
Recognising that such major national projects require materials that meet stringent quality and certification standards Mirziyoyev has issued a final directive. He ordered the immediate creation of a streamlined system designed to directly connect large-scale construction sites with reliable domestic material manufacturers.
