President Shavkat Mirziyoyev of Uzbekistan has set a plan to elevate the country’s food production capabilities through collaboration with five international brands and enhance the quality and variety of locally produced food items in the next two years.
Launching Food Production with International Brands
At a recent meeting, President Mirziyoyev emphasized the need to establish food production in partnership with five well-known international brands. The goal is to introduce 25 types of food products that are in high demand within the next two years. This move aligns with Uzbekistan’s vision to strengthen its position in the global market and enhance its domestic food industry.
Key Highlights
To achieve this objective, Uzbekistan will undertake 342 projects with a total investment of UZS 7 trillion ($405mn). These projects will focus on producing a diverse range of food items, including staples and delicacies. The investment will cover infrastructure development, technology adoption, and capacity building.
The World Bank will play a crucial role by providing long-term loans for these projects, specifically:
- New projects will receive loans for ten years at an 18% interest rate.
- Working capital requirements will also be met through World Bank funding for a two-year period.
To encourage collaboration with international brands, Uzbek enterprises will receive substantial support:
- 50% of the costs incurred in attracting these companies will be covered.
- Each brand partnering with Uzbekistan will receive a subsidy of up to UZS 500mn ($40,507).
Earlier, it was reported that the price of fertilizers in Uzbekistan was ordered to be decreased by 15% during the high-level meeting headed by Mirziyoyev.
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