Economy of Uzbekistan

These days, Uzbekistan has economic ties with 100 countries and is currently overseeing the Eurasia Business Group, and the issue of membership in this group is being considered. The Uzbek government, as a member of the ECO, is working to attract foreign investors to help with economic reforms, and one of the goals of the new Uzbek government is to focus on strengthening global and regional trade relations, as well as expanding capacity exports. Increasing production as well as diversity of agricultural production.

Uzbekistan has the fourth largest gold reserves in the world and is also rich in copper and uranium. It is now one of the world’s largest gas exporters and plans to launch a refinery that will produce Euro 5 fuel from natural gas by the end of this year. Another major trade in the country is cotton production.

Another goal of the Uzbek government is the privatization of state-owned companies. Among the large active state-owned companies is the cement factory, which has been prepared by the government for privatization with a capacity of 3.5 million tons of cement.
Uzbekistan’s foreign trade turnover in 2019 amounted to $ 42.2 billion and the volume of trade with Iran in the same year reached more than $ 425 million.

Uzbekistan’s GDP growth in 2018 was 1.5 percent, compared to 3.5 percent in 2019.

According to the new economic policies, Uzbekistan will have a very good growth trend in all areas of the economy, and on the other hand, considering that Iran has recently been added to the Eurasian trade group and customs duties on a large number of goods in the region have been eliminated. This has led to an economic justification for investing and exporting to Central Asian countries, most notably Uzbekistan.

The Muranto gold mine in Uzbekistan is physically one of the largest open-pit gold mines in the world and the fifth deepest open-pit mine in the world. The Moranto open pit mine is 3.5 km long and 3 km wide. The depth of this mine reaches more than 600 meters. Muranto was discovered in 1958 and mining began in 1967. The mining and metallurgical plant companies own and operate the mine. The final depth of this open pit mine under the current mine plan is 650 meters and after that this mine will start underground mining. Muranto’s gold reserves are estimated at 170 million ounces. The mine is known for its production capacity of about two million ounces of gold per year with an average grade of 2.4 grams per ton.