President of Uzbekistan Shavkat Mirziyoyev has signed a decree on October 12, outlining measures to expedite the development of the country's industry and key sectors. The decree entails significant changes, including the transfer of responsibilities for state industrial policy and the development of basic industries from the Ministry of Investment, Industry and Trade (MIIT) to the Ministry of Economy and Finance (MEF), Gazeta.uz reported.
The MEF is now tasked with:
- Implementing a unified state industrial policy and introducing modern mechanisms for industrial sector development.
- Identifying factors that stimulate industrial growth and coordinating their execution, considering regional advantages in terms of natural resources and labor.
- Developing strategies and programs for enhancing the competitiveness, diversification, and reform of key industries, such as oil and gas, energy, chemicals, mining, and automotive.
- Ensuring an equitable allocation of resources across industries and regions while promoting balanced infrastructure development.
- Collaborating with relevant ministries to produce energy resources, precious and non-ferrous metals, and other strategic resources, along with maintaining consumption balances and optimizing production.
- Coordinating the implementation of modern methods and approaches within industries to enhance labor productivity, conserve energy and other resources, reduce production costs, and improve operational efficiency.
- Formulating recommendations and measures based on market conditions for essential industrial products, meeting domestic market demands, averting abrupt price fluctuations, and optimizing existing production capacities.
The MEF has also assigned additional responsibilities to its deputies and the Minister of Economy and Finance, Jamshid Kuchkarov:
- First Deputy Minister Ilkhom Norkulov is tasked with evaluating risks related to the global economic and financial situation and market conditions for local producers and exporters. He will also work on measures to mitigate and prevent negative impacts and forecast economic growth parameters in specific areas, industries, and regions.
- Deputy Minister Bobur Khojaev is responsible for coordinating the activities of regional departments and units in the MEF for industrial development, monitoring industrial production volumes, and reducing risks to achieve forecasted indicators. He will also oversee the transformation of enterprises in key industries, improving financial stability and efficiency.
- Deputy Minister Adiz Boboev will focus on enhancing production infrastructure in regional industrial development, evaluating infrastructure provisions for industrial zones and large enterprises, and managing their financing.
Notably, the State Unitary Enterprise "Center for Comprehensive Expertise of Projects and Import Contracts," which had transferred from the MEF to the MIIT in July 2023, returned to the MEF in less than three months. MIIT also lost 45 staff positions in its central office, which were transferred to the MEF.
The MEF is also set to establish a project office to implement industrial policy and develop directions for basic industry development, often in partnership with international consulting firms. Furthermore, the MEF will have the authority to engage in direct contracts with international consulting firms.
The Cabinet of Ministers is given a two-week timeframe to present a draft presidential decree on reorganizing the Ministry of Investment, Industry, and Trade, in line with these changes.
This transformation comes after Deputy Prime Minister Jamshid Kuchkarov assumed the role of Minister of Economy and Finance in early August, succeeding Sherzod Kudbiev. President Shavkat Mirziyoyev then abolished the position of head of the Presidential Administration and introduced structural changes in the Presidential Administration.
The MEF subsequently regained control over the shares of 31 major state-owned enterprises and 9 banks, aimed at reforming and enhancing their operational efficiency between 2023 and 2025. These measures represent a significant shift in Uzbekistan's approach to industrial development and management, reinforcing its commitment to economic progress and stability.
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