The session summed up results of social-economic development of Uzbekistan for 2013 and approved main priorities of economic programmes for 2014.

Islam Karimov said that there is no progress without investments, not technical and technological modernization of capacities, as well as country as a whole. Within implementation of investment programme for 2013, some US$13 billion of capital investments were used, which grew by 11.3% year-on-year, he said.

He said that almost half of investments (47%) were private investments – own resources of enterprises and population.

Uzbek leader said that major part of investments were directed to construction of production capacities (over 70%), while share of investments, directed to purchase new equipment) reached about 40%.

Overall, the volume of investments into economy of Uzbekistan made up 23% to GDP, Uzbek President said. Total volume of foreign investments was US$3 billion, of which 72% or US$2.2 billion were foreign direct investments.

He stated that sustainable inflow of foreign investments into Uzbek economy shows efficiency of economic course of modernization and updating of economy.

Uzbek President underlined that Fund for Reconstruction and Development also actively participates in financing strategic investment projects in basic industries of economy and road-communication sphere along with the participation of foreign partners.

In short period of time of its activities, the Fund turned into powerful financial institute, which holds assets of over US$15 billion, which is equal to annual volume of investments into economy of Uzbekistan, President noted.

He said that the Fund participates in co-financing of 86 strategic projects with total cost of over US$29 billion. In 2013, the Fund participated in implementation of 33 important projects for over US$780 million, which rose by 24% year-on-year.

He said that implementation of 150 projects with the cost of over US$2.7 billion were completed within the investment programme in 2013, which were financed due to resources of all sources.

In particular, Uzbekistan completed introduction of cogeneration gas turbine technology at Tashkent central heating plant, additional construction at the Samantepe and South Urtabulak fieldswith the construction of a booster station and pipeline South Urtabulak - Mubarek Gas Processing Plant , transfer of the 1-5 units of Novo- Angren thermal power station to year-round burning coal with the modernization of Angren coal mine, reconstruction of substation Akhangaran in the special industrial zone Angren, modernization of existing production capacities with construction of a new line for cement production at Bekabadcement, reconstruction foundry Casting and Mechanical Plant, others.

He said that modern textile complexes were created in Tashkent and Namangan regions, spinning and knitting capacities in Jizzakh and Khorezm regions, enterprise on productionof sport footwear in Samarkand. Some 21 enterprises of food industry were modernized and re-equipped.