President Shavkat Mirziyoyev of Uzbekistan has taken decisive action to expedite the implementation of 1,500 investment projects and attract $12.1 bn in foreign investments through the establishment of a new system. During a recent presidential meeting on July 11, President Mirziyoyev emphasized the urgent need for swift progress.
To ensure the timely execution of 272 major projects valued at $11.5 bn under the state investment program, a dedicated "Project Office" has been established. Each project has been assigned responsible ministers, deputy ministers, and bank executives, with a focus on resolving infrastructure matters for 89 major projects in various regions within the set deadlines.
Recognizing the need for further infrastructure development, an additional $100 mn will be allocated, supplementing the $103 men from the budget earmarked for this purpose. The projects, categorized into three types, will attract $4.6 bn in foreign direct investments across 1,200 regional initiatives. Each project will undergo review by the relevant government commission, ministers, and industry leaders before being assigned to international financial institutions for financing and implementation.
President Mirziyoyev highlighted positive developments in investment cooperation with Hungary, Pakistan, Thailand, the Czech Republic, and Japan. The investment influx from these countries has increased significantly, reaching $450 mn this year compared to $40 mn in the previous year.
A new system for working with foreign investors will be introduced, with the establishment of an investment manager position within the Ministry of Investment. The investment managers will provide support to each new investor and report directly to the minister, maintaining constant communication with foreign investors and addressing any issues that arise.
To attract an additional $3 bn of investment this year alone, all deputy ministers of investment and foreign affairs, alongside investment managers, are tasked with initiating practical work with 437 investors based on this new system.
Consulting companies have been engaged in 60 districts with low industrial development over the past two months, resulting in the development of over 2,000 promising projects worth $6.5 bn. For example, in the Pakhtachi district, where only $5 mn in direct investments were attracted in the last six months, consulting companies presented more than 40 projects worth $165 mn within two months.
President Mirziyoyev stressed the importance of active involvement from district governors in each project, stating that progress will not be achieved unless the mayors are personally invested in the initiatives.
The Ministry of Investment, Foreign Trade, and Industry has been instructed to develop new investment projects worth $30 bn across all districts, cities, and industries by year-end. Project groups, in collaboration with consulting companies, will create these new projects based on the "research - development - implementation" principle, with an allocation of $15 mn for this purpose.
In regions such as Amu Darya, Kurgantepa, Bukhara, Mirishkor, Chirakchi, Khatyrchi, Payaryk, Ak-Alta, Gulistan, Akkurgan, and the cities of Navoi and Yangiyul, the investment climate has been deemed unsatisfactory. As a result, President Mirziyoyev ordered the dismissal of mayors in these districts and cities, while the Prosecutor General's Office and the Accounts Chamber were instructed to investigate their activities and ensure adherence to the rule of law.
The powers of the Government Commission will be expanded to accelerate the commissioning of industrial enterprises.
President Mirziyoyev reiterated that organizing these initiatives effectively will result in significant economic growth, leading to increased employment and improved living standards for the population.
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