“Investment is one of the key sources of economic development and welfare of our people” – Shavkat Mirziyoyev

On May 13, the President of Uzbekistan held a meeting on the acceleration of implementing priority projects with involvement of foreign investment, the presidential press service said.

It should be recalled that at the video-conference meeting held on April 8, all projects involving foreign direct investment were divided into four lists, and it was determined that the most important strategic projects from the first list would be under the president’s constant control.

During the meeting, implementation of these priority investment projects was comprehensively analyzed. The head of state noted that investment is one of the key sources of economic development, it ensures the quality of life and the welfare of our people. It is necessary to work actively and systematically in view of the achieved new level of relations with developed countries.

Over the past period, some work has been done in this direction. Thus, the position of the first deputy minister, who is responsible for this field of activity, has been introduced at the Ministry of Investments and Foreign Trade. Separate department has been organized to work with each country. In addition, ad hoc working groups were formed headed by responsible leaders.

Reports of the responsible persons on the ongoing work on priority projects with participation of foreign investments have been heard during the meeting.

Slowness in the development of foreign direct investment, inefficiency in the use of huge financial opportunities were criticized. Additional instructions were given to ensure the timely and unconditional implementation of the agreements and joint projects reached.

At the same time, the task was set to develop new economically effective projects that will also contribute to the creation of jobs.

“At the meeting, the main attention was paid to studying the experience of developed countries in the field of attracting investment on the example of the United Arab Emirates. Specific proposals were discussed and tasks were identified for the introduction of the most advanced approaches and methods of work in the fields and industries, as well as for organizing advanced training courses and webinars at the Academy of Public Administration under the President of Uzbekistan with participation of experts from the UAE,” the press service said. 

The progress of activities carried out on the organization of modern industrial enterprises in Tashkent with attraction of foreign direct investment was also analyzed at the meeting. It was emphasized that these projects should focus on production of marketable products and ensuring employment with the effective use of the existing infrastructure of the city. Instructions were given on their early launch.

Particular attention was paid to the issue of improvement of investment projects implementation. The Head of the state noted the need for bringing investment legislation in line with international standards, which serve as a guideline and indicator of reliability for investors.

Appropriate practical measures were identified on the assignments given at the meeting..