20.03.2019

President of the Republic of Uzbekistan Shavkat Mirziyoyev has discussed accelerating the implementation of investment projects and efforts on attracting direct investments.

Investments constitute the driving force of the economy. In recent years, attracting investment from abroad has become increasingly difficult for countries all over the world. Thus, in 2018, the global flow of investment declined by 19 percent.

Therefore, it appears to be imperative to effectively cash in the foreign investments that have already been drawn, to spearhead proper and systemic endeavors on this front.

During the videoconference session held on January 8 this year, the head of our state identified specific objectives for attract investments and delivering a favorable investment climate. In accordance with them, the Investment Program was approved with the indication of exact sources of funding. This year it is planned to master foreign direct investments totaling 4.2 billion US dollars.

At today’s meeting, a critical analysis targeted the efforts undertaken over the past two months. The head of state, noting in general the unsatisfactory state of foreign investment, voiced serious warning to those in charge. Shavkat Mirziyoyev criticized the absence of proposals – in some industries and regions – for foreign investors built on accurate calculations.

The President has set specific tasks for appropriate ministries and hokimiyats. Thus, the Ministry for Investments and Foreign Trade was tasked with forming a portfolio of investment projects with the attraction of foreign direct investment in the energy, oil and gas, chemical industries, mechanical engineering, electrical engineering, information technology and other important areas.

It was emphasized that the meetings of intergovernmental commissions have not become an effective platform for the formation of investment projects, suggesting thus that it is essential to develop target indicators for each commission for attracting direct investments.

Today, one of the important factors of attracting investment around in the world is the system of public-private partnership. With this in mind, the Agency for the Development of Public-Private Partnerships was established at the Ministry of Finance of the Republic of Uzbekistan. The meeting participants paid attention to the organization of activities of this Agency, and responsible persons were instructed to design projects in the field of transport, energy, trade and the provision of services, which are scheduled to be implemented with the participation of foreign investments on the basis of public-private partnership mechanisms.

The newly established Agency for Public Assets Management was given specific instructions on how to accelerate the attraction of foreign direct investments to public enterprises.

The need to hold overseas presentations in the format of “road shows” to draw foreign direct investment in the above mentioned industries was noted.

The investment program for the current year provides for construction and repair work on about 3 thousand objects. President Shavkat Mirziyoyev instructed to complete the works within a short period of time on the financing and elaboration of design and estimate documentation and speed up the start of construction works.

It was noted that to improve the development of investment programs, it is crucial to widely introduce international experience in the management of design institutes.

In the regions, the state of attracting investment in production is unsatisfactory, it was emphasized at the meeting. Pharmaceutical and hygienic products, foodstuffs and children’s clothes are imported to Uzbekistan in large quantities. And this is despite the fact that there are ample opportunities for the production of these goods in our country.

In this regard, the President ordered the heads of ministries and agencies to go to the regions assigned to them and take measures to accelerate the projects implemented there, attract investors, including into free economic zones, for the production of consumer goods.

The state of the use of funds of international financial institutions was also considered. Poor work of the ministries of housing and public services, healthcare, water management in the implementation of annual plans was indicated. Responsible persons were given instructions to accelerate the implementation of projects.

The lack of the necessary infrastructure in the field prevents the attraction of investments, it was noted at meeting. There are issues associated with the allocation of land for projects, connecting to the networks of electricity, gas, water supply and sewerage. In this regard, the Ministry for Investment and Foreign Trade was tasked with envisioning a three-year program for the development of infrastructure facilities in the regions.

Practical measures have been outlined to secure the execution of these directives and eliminate existing problems.

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