President of Uzbekistan Shavkat Mirziyoyev conducted a meeting on increasing foreign investment inflow into Uzbekistan's economy, Spot.uz has reported.
The President announced the implementation of a new system to attract and utilize investments, directing $12.1 bn towards expediting work on approximately 1500 investment projects.
To accelerate work on 272 major projects (with a total value of $11.5 bn) included in the state investment program, each project will be assigned a responsible executive. These individuals will be selected from ministers, deputy ministers, and top executives from the banking sector.
Infrastructure will be provided for the 89 major projects being implemented in regional areas. In addition to the allocated $103 488 for this purpose, an additional $100 mn will be directed.
Regional-scale investment projects will be divided into three categories for targeted management. It is instructed to expedite project work with the assistance of international organizations.
Moreover, plans are underway to attract $3 bn for the implementation of new projects. This will involve a new approach to working with foreign investors within the framework of international agreements.
For each new investor, the Ministry of Investments and Foreign Trade (MIPT) will provide an individual "investment manager" who will report directly to the minister. These managers will maintain constant communication with entrepreneurs and assist in problem-solving.
The President also highlighted the underutilization of the potential of districts and cities by local governors. Consulting firms have prepared over 2,000 promising projects worth $6.5 bn for areas with underdeveloped industries.
By the end of the year, the MIPT is tasked with formulating a package of investment projects based on locations and sectors, with a total value of $30 bn. These projects will be prepared by special groups in collaboration with consultants.
Furthermore, the powers of the Investment Committee are being expanded. The President stated that the committee has developed 97 major industrial projects with a total value of $6.7 bn, capable of creating 27,000 job opportunities.
"If we carry out these tasks correctly, our economy will experience rapid growth, increasing the number of job opportunities and income for the population," concluded Mirziyoyev.
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