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Main tasks for development and implementation of investment projects are defined

On January 8, 2019, a selector meeting on the issues of accelerating the implementation of investment projects scheduled for the current year was held via video conferencing under the chairmanship of the President of the Republic of Uzbekistan Shavkat Mirziyoyev.

It was attended by members of the government, the Chairman of the Jokargy Kenes of the Republic of Karakalpakstan, khokims of the regions and the city of Tashkent, heads of diplomatic missions of the country abroad.

An active investment policy is among the most important conditions for achieving stable economic development. In this regard, at the initiative of the Head of the state, 2019 was declared in the country as the Year of Active Investments and Social Development.

The Investment Program for 2019 includes more than 3 thousand projects worth 16.6 billion USD. This is 16 percent more than in 2018. In particular, within its framework it is planned to commission 140 production facilities worth 3.2 billion USD.

At the meeting, issues of timely and qualitative implementation of these large and important projects were discussed.

As it was noted, as a result of active work with foreign countries and investors, foreign direct investment accounts for 25 percent of their total volume. In particular, this year it is planned to allocate 4.2 billion USD within the framework of 320 projects involving foreign direct investment.

The President noted that the most important task of the government should become the unconditional implementation of projects involving foreign direct investment, providing comprehensive assistance to foreign investors. It was noted that it is necessary to stop the practice of postponing the development of the main part of investments in the last months of the year and bringing the development indicator in all sectors and regions to at least 35 percent in the first half of the year and 70 percent in the first nine months.

Tasks in this sphere were analyzed in the context of complexes of the Cabinet of Ministers. Spheres and sectors in which the share of foreign investment has decreased compared to the last year were named. Instructions were given on attracting additional investments by the end of the year, especially in spheres and regions with high demand for foreign direct investment, ensuring control over the development of these resources.

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At the meeting on the issues of accelerating the implementation of investment projects, special attention was paid to the issue of implementation of regional projects through foreign direct investment.

Last year, more than 1 billion USD of investments were spent in the regions and 133 new enterprises were put into operation. However, due to shortcomings in organization of activities allowed by khokims and their deputies for investment, some facilities were not commissioned in the city of Tashkent, the Republic of Karakalpakstan, Samarkand, Andijan, Fergana, Namangan, Surkhandarya and Syrdarya regions.

The Head of the state gave instructions for development and monitoring the implementation of industry schedules on addressing the problems encountered in implementation of such projects.

This year, it is planned to implement 209 regional projects involving foreign direct investment and to attract 1.9 billion USD, or 2 times more funds than in the last year. At the meeting, heads of republican agencies responsible for implementation of these, as well as additional investment projects, formed with the assistance of Uzbekistan’s ambassadors abroad were identified for each region.

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At the meeting that was held on January 8 under the chairmanship of President Shavkat Mirziyoyev, it was noted that from now on a new system will be organized for expanding the scale of projects involving foreign direct investment in the regions and industries, establishing strict control over their implementation.

In accordance with it, at the first stage, khokims of regions, visiting once a week one district or city, having established interaction with ambassadors, organize work on attracting foreign direct investment. In the same way, industry leaders visit one region once a week and, together with local enterprises, organize activity for accelerating implementation of existing and formation of additional investment projects. If necessary, train local executives and entrepreneurs in development of investment projects. The Prime Minister and his deputy, with participation of ambassadors, regularly discuss the state of using foreign investments attracted to regions and industries. According to the results, remuneration or punishment measures in the form of withholding 50 percent of wages will be taken against khokims and industry leaders.

Heads of republican agencies assigned to the regions, together with regional khokims and ambassadors, studying the state of implementation of projects involving foreign direct investment in each district (city), take concrete measures on their acceleration, as well as develop proposals on additional projects and attract foreign investors.

At the second stage, the State Investment Committee of the Republic of Uzbekistan summarizes proposals on investment projects received from the regions and industries, evaluates their effectiveness and forms a single electronic online database.

At the third stage, the Ministry of Foreign Affairs, ambassadors assigned to the regions attract foreign investors to projects included in the single electronic database.

At the fourth stage, the Cabinet of Ministers takes measures on concluding relevant agreements with foreign investors on implementation of selected promising projects and approves roadmaps for taking control over their implementation.

The President noted that for further intensifying the attraction of investors to developed projects, it is necessary at least once a year to hold investment forums in each region with participation of foreign investors, as well as to ensure participation of domestic entrepreneurs in large international investment forums abroad. The State Investment Committee and the Ministry of Foreign Affairs have been instructed to form schedules for holding investment forums in the regions this year.

– The most important thing is to locate investment projects correctly. The only requirement of investors is the availability of necessary infrastructure where the project is expected to be implemented. Therefore, a resolution of the President was recently adopted for improving the process of urbanization in our country. If to attract investors to where there is a convenient infrastructure, we can achieve a systematic development of the industry. Where there is industry, there will be jobs and incomes, housing and social facilities will be built, towns will appear, – said Shavkat Mirziyoyev.

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At the selector meeting on the issues of accelerating the implementation of investment projects scheduled for the current year, another important issue – state support for projects of foreign investors was discussed. A task was set to create a Fund for Foreign Investors Support based on international experience.

This year it is planned to attract direct loans from foreign banks in the total amount of 740 million USD by commercial banks of the country. At the meeting, the need for strengthening activities on attracting foreign direct credit resources with low interest rates and a long maturity date was noted.

The issue of creating a system for forming a portfolio of reliable projects involving direct investment was also discussed.

This year, within the framework of 84 projects, it is planned to use 2.7 billion USD – funds of international financial institutions and donors. At the meeting, these projects were analyzed in the context of complexes of the Cabinet of Ministers, measures for their timely and qualitative implementation were identified.

In addition, it is planned to construct and repair 2.8 thousand social infrastructure facilities. The Head of the state paid special attention to this issue concerning the quality of life of people, and noted the need for accelerating the planned work on construction and reconstruction of preschool education institutions, schools, health facilities, roads, drinking water networks.

At the meeting, reports of members of the government, heads of ministries, agencies and business associations, khokims of the regions on measures taken for organizing the execution of projects included in the Investment Program were heard.

(Source: UzA)