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Uzbekistan's investment program for 2019 includes projects $ 16.6B

9 January 2019 16:36 (UTC+04:00)
Uzbekistan's investment program for 2019 includes projects $ 16.6B

By Abdul Kerimkhanov

The Investment Program of Uzbekistan includes more than 3,000 projects totaling $ 16.6 billion for 2019.

This is 16 percent more than in 2018, Shavkat Mirziyoyev said during a video selector meeting held in Tashkent on January 8.

In particular, within the framework of the investment program, 140 production facilities are planned to be commissioned with a total value of $ 3.2 billion.

The meeting discussed issues of timely and high-quality implementation of these large and important projects.

As a result of active work with foreign countries and investors, foreign direct investment accounts for 25 percent of their total volume. In particular, this year it is planned to use $ 4.2 billion in 320 projects involving foreign direct investment.

The President noted that the most important task of the government should be the unconditional implementation of projects involving foreign direct investment, provision of comprehensive assistance to foreign investors.

It is pointed out that it is necessary to stop the practice of postponing the development of the bulk of investments in the last months of the year and bring the development indicator in all sectors and regions to at least 35 percent in the first half of the year and 70 percent in the first nine months.

Particular attention was paid to the implementation of regional projects through foreign direct investment.

More than $ 1 billion of investments were spent in the regions and 133 new enterprises were introduced in 2018. However, due to shortcomings in the organization of work allowed by the khokims and their investment deputies, some facilities were not commissioned in Tashkent, Karakalpakstan, Samarkand, Andijan, Fergana, Namangan, Surkhandarya, Syrdarya regions.

The head of state instructed to develop and monitor the implementation of industry schedules to address the problems encountered in the implementation of such projects.

Over the past decade, Uzbekistan’s economy grew rapidly and a significant portion of the population was brought out of poverty. The increase in exports of gas, gold and copper, combined with high commodity prices, led to revenues that financed a significant increase in investment and wages to stimulate consumption.

High growth rates will continue in Uzbekistan in 2018–2019 due to government spending, and capital investments.


Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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