The session summed up results of social-economic development of Uzbekistan for 2012 and approved main perspectives of economic programme for 2013.

Uzbek President said that the Government put task to ensure economic growth at the level of 8% in 2013. He said that this will be achieved due to growth of industrial output by 8.4%, agriculture production – 6%, investment into fixed capital – 11%, services – almost 16%. It is expected that the share of services in GDP will grow to 53% in 2013.

He said that this will be achieved due to development of high technological sectors of industries, which ensure growth of production of high value cost such as chemistry, oil and gas, petrochemical, machinery and metal processing, construction materials, light, food and other industries.

President Islam Karimov said that agriculture sector created all necessary conditions for development of production of potato, vegetables, fruits, grapes and cattle.

Uzbek head said that optimal taxation system is kept in the country with taxation burden at the level of 21.3% to GDP. At the same time, the country undertakes measures on improving and liberalizing tax administration, strengthening income part of local budgets, simplification of taxation system, he added.

President Karimov said that the state budget will be social oriented as in previous years as 60% of expenses will be directed to social needs.

He said that Uzbekistan will continue carry out balanced firm monetary-credit policy and inflation will be at 7-9% level. The refinancing rate will be kept at 12%. The country will pay attention to strengthening financial sustainability of banking system. It is expected that aggregate capital of banking system will grow by at least 20%.

President said that priority on speeding and expanding modernization and re-equipment of economy and leading industries, diversification of production will take central place in government plans for 2013 and following years.

It is important fully implement investment programme for 2013, which includes over 370 strategically important projects. He said that some 75% of resources from US$13 billion allocated to finance them are internal resources and other part is attracted resources.

Almost three fourth of these investments will be directed to construction of new, reconstruction and modernization of capacities, Uzbek President stated.

Fund for Reconstruction and Development of Uzbekistan will finance 34 projects for US$780 million in 2013, first of all, those projects implemented with foreign partners, President noted.

He underlined that that it is vital not to decrease construction tempos at started objects. He said some 115 important objects will be commissioned in 2013. Islam Karimov said it is important to speed up construction of new objects, which were agreed with foreign partners, including Kungrad Soda Plant, production of tires at Rezintotekhnika, etc.

President Islam Karimov said that Uzbekistan plans to build 10,000 houses on standard projects in rural areas this year compared to 8,500 in 2012 and some 1.4 trillion soums will be directed to construction works, which is 54% more year-on-year.

Construction and reconstruction of road, transport and communication infrastructure is also important, he said. Some 26 investment projects will be realized in energy sector, including creation of new and reconstruction of existing electricity generating capacities.

In particular, Uzbekistan plans to install two combined-cycle plants with total capacity of 900 megawatt at Talimarjan thermal power stations, combined-cycle plant with the capacity of 370 megawatt at Tashkent thermal poer station, energy block with 130-150 megawatt at Angren thermal power station, new generating capacities in Ferghana Valley, high voltage line between Syrdarya thermal power station and New Angren thermal power station, energy supply objects for Ustyur gas chemical complex, and others.

Uzbek leader said that launch of these objects will allow to ensure reliability of energy supply in all regions and improve its operations, decreases expenses and losses at their production and supply.

Islam Karimov said that special attention will be paid to development of railroads. This year, some 16 investment projects will be implemented this year. In particular, it is planned to electrify railroad Maraqand-Qarshi with extension of 140 km, Qarshi-Termez with extension of 325 km, etc.

He said that Uzbekistan should expand types of rendered information services and became advanced country with high level of introduction of ICT.

Uzbek President said that in last five years, annual growth of investments in Uzbekistan exceeds 9%, which is one of the highest level in the world. In last 10 years, the volume of investments into economy of Uzbekistan rose 3.2 times and foreign direct investments – 20 times.