Uzbekistan to switch to three-year investment programs
By Abdul Kerimkhanov
Since Uzbekistan got its independence, the Government of the country pays special attention to attracting foreign investment and improving the investment climate.
Not only the development of the republic’s economy but ultimately an increase in the welfare of the people of Uzbekistan depends on the solution of these issues.
Uzbek President Shavkat Mirziyoyev held a video-selective meeting on the analysis of the implementation of projects involving foreign direct investment and international financial institutions in the first quarter of 2019.
During the meeting, it became known that Uzbekistan will switch to the formation of three-year investment programs in 2020, Podrobno.uz reports.
"In the first quarter, the planned amount of funds was achieved, however, as it was noted at the meeting, the situation in individual industries and regions is not satisfactory. Investments in the Namangan, Fergana and Khorezm regions received a warning," said the press service of the head of state.
The President drew attention to the presence of unused opportunities to attract foreign direct investment and cooperation with international financial institutions, noted the need to develop new investment projects by industry and region.
Mirziyoyev instructed the Ministry of Investment and Foreign Trade to develop, jointly with the relevant ministries, additional investment projects for each district and city, taking into account existing capacities and resources in the oil and gas, chemical, energy, engineering, electrical engineering and building materials industries, as well as in the regions.
In addition, the head of state set the task of organizing, on the basis of the proposals, together with the embassies of the country, business forums in Uzbekistan and abroad, to hold presentations of domestic investors.
"It is necessary to establish strong ties with foreign investors who have expressed a desire to work in Uzbekistan, to help them from the beginning to the completion of the project, in other words, to lead them "by hand" and ensure the result," said Mirziyoyev.
The meeting also discussed the work on the expansion of investment in the city of Tashkent, the allocation of land and state-owned facilities for investment projects. Participants noted the capital should set an example for all in attracting foreign direct investment.
Visitors emphasized a need to monitor the implementation of the project in industries and regions, the early launch of an electronic information system to quickly identify and solve emerging problems.
The analysis of cooperation with international financial institutions highlighted the importance of timely and high-quality implementation of projects in the social sphere.
It is indicated that work within the framework of four projects in the system of the Ministry of Health, four projects in the system of the Ministry of Water Economy, three projects in the system of the Ministry of Housing and Communal Services was out of date.
The video-selector meeting also reviewed the implementation of the roadmaps approved following the summit visits. As is known, about 700 investment agreements were signed as part of such visits. The Accounts Chamber has created an appropriate database and established monitoring and control over the implementation of agreements.
The president noted that it is necessary to ensure the speedy and consistent implementation of the measures provided for by the road maps, to intensify the activities of intergovernmental commissions in this direction.
He instructed the Cabinet of Ministers to review the composition of intergovernmental commissions based on key areas of cooperation with each state.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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