Sunday, 16, June, 2024

President Shavkat Mirziyoyev in a government meeting to geology, mining, and metallurgy underscored Uzbekistan's commitment to tapping the full potential of its mineral resources. He also highlighted the strategic importance of these sectors in driving economic growth and diversification.

With an annual investment of UZS 1 trillion ($80 mln) to the geology and targeted programs, Uzbekistan authorities still recognize the untapped potential of its mineral reserves, which encompass 32 types of rare minerals.

The rapidly evolving geostrategic background, the demand for rare metals essential for electric vehicles, green energy, and electrical engineering is becoming ever important. Given this, Uzbekistan aims to focus on expanding the range of mineral products to meet global market demands.

Currently, Uzbekistan produces six types of such products, but the potential exists to extract high value-added products from metals such as platinum, indium, vanadium, tungsten, molybdenum, zinc, and manganese.

A recent deal with the EU on essential minerals is expected to open up lucrative market opportunities for Uzbekistan. In line with this, officials were tasked with forming a program of prospective projects worth $500 mn on rare metals, with the participation of foreign experts and investors. Emphasis was placed on collaboration with leading institutes and scientific centers to drive innovation and technological advancement in the sector.

He also discussed plans to increase reserves of metals at the Navoi Mining and Metallurgical Plant. The Plant played a vital role in Uzbek economy, representing 6.4% of the nation's GDP and accounting for 10.3% of its industrial production volume. Additionally, the company emerged as the largest taxpayer in the country, contributing 14.1% to state budget revenues.

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