09 April 2019

Shavkat Mirziyoyev held a meeting on state investment policy

President of the Republic of Uzbekistan 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 this year, as well as further tasks until the end of the year.

So, at the meeting it was noted that over the past year and the beginning of 2019, negotiations were held with the heads of foreign states and international financial organizations, leading business representatives, which resulted in about 700 investment agreements to attract several tens of billions of dollars to Uzbekistan.

Last year, investment in fixed assets grew by more than 18 percent. This, in turn, ensured the growth of industrial production by 14.4 percent. An important qualitative change was the fact that half of the foreign direct investments mastered in the current year accounted for the regions.

According to the Investment Program for 2019, within the framework of more than 3.2 thousand projects, it is planned to use capital investments in the amount of almost $ 14 billion. In particular, it is planned to use over $ 4 billion of foreign direct investment in 320 projects.

Shavkat Mirziyoyev proposed to introduce a new control system to ensure timely use of investments. According to her, all projects involving foreign direct investment will be divided into four lists, which will be monitored separately.

       The first list will include 27 major strategic projects involving the implementation of 3.6 billion dollars of foreign investment in the current year. Their implementation will be under the constant control of the President.
       The second list will consist of 65 major projects totaling $ 1.3 billion, their implementation will be under the control of the Prime Minister.
       The third list, which will be monitored by deputy prime ministers, includes 65 projects involving the disbursement of 407 million dollars of foreign investment.
        Control over the implementation of projects in the fourth list is assigned to the heads of the central departments and hokims assigned to the regions.

There will be a regular discussion of the execution of investment projects and the prompt resolution of emerging issues.

The Ministry of Investment and Foreign Trade was tasked with developing jointly with relevant ministries additional investment projects for each district and city, taking into account existing potential and resources in the oil and gas, chemical, energy, engineering, electrical engineering and building materials industries, as well as in the regions.

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 the hand” and ensure results, said Shavkat Mirziyoyev.