The Investment Promotion Agency of Uzbekistan (UZIPA) has recently come under criticism for its limited activities, which have been confined primarily to organizing forums as reported by the Press Secretary of Uzbekistan. The agency has been further criticized for its lack of an investment map in the region.
The head of the Department of the National Agency for Project Management Murat Mirzaev, has been ordered to be released from his position. Mirzaev has previously been associated with various roles in the government and academia.
New leadership and investment program
In the wake of these changes, Deputy Prime Minister Jamshid Khodjayev has been tasked with introducing an updated investment program. This program will take into account the backlogs from the previous year across all regions and sectors.
Focus on Healthcare and Transport Sectors
Three deputy ministers of investment have been assigned to oversee investment attraction in sectors that require substantial foreign investment, specifically the healthcare and transport sectors. These sectors have been identified as key areas for development, with the government seeking to attract foreign direct investment, especially in healthcare and transport.
Ambitious investment plans
At a recent meeting, the management of the complex, sector leaders, and regional heads announced their plans to attract investments worth $38bn. In addition, the Ministry of Energy plans to attract an additional $15bn. These ambitious plans are part of Uzbekistan’s broader strategy to liberalize its energy sector and open up the country’s economy to more foreign direct investment.
Earlier, Daryo reported that the Embassy of Uzbekistan in Madrid recently played host to a significant meeting between Uzbekistan officials and the regional manager of Santander, Spain's largest bank, David Plaza, the National Information Agency of Uzbekistan. The regional manager expressed the bank's interest in exploring opportunities in Uzbekistan's banking services market, indicating a strategic move to expand its presence in Central Asia. Furthermore, Plaza conveyed Santander's readiness to allocate substantial loan funds amounting to $500mn.
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