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    Uzbekistan

    President of Uzbekistan allocates $600mn for biotech cluster

    President of Uzbekistan allocates $600mn for biotech cluster

    President Shavkat Mirziyoyev of Uzbekistan has signed a crucial decree outlining the development of a biotechnology cluster. The designated area for this groundbreaking project spans 60 hectares within the innovative research and production pharmaceutical cluster known as Tashkent Pharma Park.

    Financing and Investment

    President Mirziyoyev's decree underscores a substantial financial commitment to drive innovation and growth in the pharmaceutical industry. Up to $600 mn is earmarked for financing new investment projects within this ambitious initiative.

    As part of the financial strategy, a credit line amounting to $100 mn will be extended from the Asakabank Reconstruction and Development Fund. The credit line, offered at an attractive interest rate of 5% per annum, is set for a duration of up to 10 years, including a four-year grace period. These funds are specifically allocated to attract foreign technologies and facilitate the production of medicines, medical products, and equipment.

    International Collaboration and Funding

    To further augment the financial backing, plans are underway for MIIT and Asakabank to secure a loan of $500 mn from foreign banks and international financial institutions by the end of the current year. 

    In alignment with the goals of the Agency for Development of the Pharmaceutical Industry, Asakabank will play a pivotal role in financing various investment projects within the pharmaceutical domain. 

    Special Economic Zones and Regional Development

    Recognizing the importance of regional development, the MIIT along with the khokimiyats (administrations) of Tashkent, Jizzakh, Namangan, and Andijan regions, is tasked with conducting a comprehensive inventory of land areas within special economic zones. This inventory, to be completed within two months, is intended to identify suitable locations for the expansion of the pharmaceutical sector.

    Earlier Daryo reported that on January 9, the President of Uzbekistan issued a decree, ushering in reforms aimed at streamlining the submission of reports and statistical data by business entities. The Ministry of Justice has confirmed that these reforms, in effect from 2024, represent a significant move to alleviate administrative burdens on businesses.

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    13.01.2024, 03:00   Comments (0)   2401
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