Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan plans to increase its gross domestic product to US$100 billion in 2024. President of Uzbekistan Shavkat Mirziyoyev announced this today.

During a meeting on the government’s priorities for economic development this year, the head of Uzbekistan noted that in 2024 it is planned to increase the gross domestic product by at least 6% - up to US$100 billion. It was noted that last year industry grew by 6 percent, but At the same time, the added value in production did not exceed 40 percent.

“We are not satisfied with these numbers. This is mainly due to import dependence, high energy consumption and excessive costs,” the head of state said.

Although the tax burden on large industries has decreased, it has been noted that many industries are increasing their costs instead of generating revenue for the government. It was noted that at 10 large enterprises expenses grew faster than income.

During the meeting, it was noted that this year will be a year of reducing costs and increasing efficiency for managers of the economic complex and all state enterprises. From now on, support mechanisms in industry will be provided primarily to products that create high-added value and have a market.

Officials are instructed to approve and implement corporate-wide measures to increase value added by 45 percent, reduce production costs by 15 percent and ensure 7 percent industrial growth in 2024.

The need to reduce production costs in large industries by 20 trillion soums and accounts receivable by 8 trillion soums was also noted.

The Center for Economic Research and Reform, the Institute for Macroeconomic and Territorial Studies and the Agency for Strategic Reforms were tasked with analyzing at least 2 industries per month and providing recommendations on reducing costs and increasing added value and productivity, as well as taking advantage of new opportunities.

In general, the main task of the leadership of the economic complex is to ensure that the gross domestic product grows by at least 6 percent this year by increasing the efficiency of the economy.