A strategic meeting convened in Urgench on March 1 marked a pivotal moment for the socio-economic trajectory of Uzbekistan's Khorezm region. Led by President Shavkat Mirziyoyev, the gathering outlined a comprehensive plan aimed at propelling the region's development across various sectors, press service of the president reported.
Acknowledging the evolving demands of the populace and the imperative to adapt, the meeting charted a course to capitalize on existing reserves while addressing emerging challenges. To bolster small and medium-sized enterprises (SMEs), the government pledged $100 mn in preferential funding, poised to benefit 5,500 entrepreneurs and generate 50,000 permanent jobs.
Recognizing the pivotal role of industry in driving economic growth, significant investments and infrastructure developments have been earmarked. Notably, the inauguration of a large bridge across the Amu Darya promises enhanced transport connectivity, facilitating business expansion and reducing transportation costs. Furthermore, the collaboration with French company Voltalia to construct a 100-megawatt solar power plant underscores Uzbekistan's commitment to sustainable energy solutions.
In a bid to catalyze industrial projects, $100 mn from the Industrial Development Fund will be allocated to Khorezm. Moreover, incentives such as customs duty exemptions and VAT deferments will be extended to support localization projects, alongside financial support for state property and land plot payments.
The meeting emphasized the importance of leveraging Khorezm's unique advantages, including the Khazorasp free economic zone, to attract investments worth $1.5 bn by year-end. Additionally, fostering entrepreneurship at the grassroots level, particularly in mahallas (neighborhood), remains a focal point, with substantial loans earmarked for local initiatives.
Earlier Daryo reported that President Shavkat Mirziyoyev has revealed plans to provide UZS 11.5 trillion ($919.3 mn) in credit to support entrepreneurship in local neighborhoods, specifically targeting the development of "home industry." This significant financial support is intended to stimulate economic expansion and foster opportunities for small businesses at the grassroots level.
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