Progress in the implementation of priority projects discussed

President of the Republic of Uzbekistan Shavkat Mirziyoyev convened a meeting on May 13 to address the acceleration of the realization of priority projects involving foreign investments.

Uzbekistan has embarked on active investment policy. The investment climate is improving, foreign business circles are showing great interest in projects in our country. International financial institutions, developed nations and large companies invest in social and economic spheres.

This year alone, highest-level talks took place with leaders of the Federal Republic of Germany, the United Arab Emirates, the People’s Republic of China, the Republic of Korea and other countries. Within their framework, important agreements were reached covering such areas as manufacturing industry, energy, infrastructure, construction, transport, agriculture, healthcare, education. To ensure the implementation of joint projects, presidential resolutions approved road maps for each area of cooperation with foreign partners.

At the videoconference meeting that took place on April 8 this year, all projects involving foreign direct investments were divided into four lists and it was decided that the most important strategic projects from the first list would be under the constant control of the President.

The meeting served to comprehensively analyze the implementation of such priority investment projects.

The head of state noted that investments is one of the key sources of economic development, ensuring the quality of life and the welfare of our people. It is essential to work actively and systemically in view of the achieved new level of relations with developed nations.

Over the past period, some tangible efforts have been undertaken on this front. Thus, the position of the first deputy minister responsible for this field of activity has been introduced in the Ministry of Investments and Foreign Trade. Separate departments to work with each country have been organized. In addition, special work groups were formed headed by responsible managers.

The meeting participants were briefed by corresponding officials on the progress of works related to priority projects with the participation of foreign investments.

Shavkat Mirziyoyev pointed to the slowness in the utilization of foreign direct investments, inefficiency in the use of tremendous financial opportunities. Additional instructions were given to secure the timely and unconditional implementation of the agreements reached and joint projects worked out.

Meanwhile, objectives were defined to devise new economically efficient projects that will also contribute to the creation of jobs.

The meeting participants’ attention was drawn to the necessity of studying the experience of advanced countries in attracting investments on the example of the United Arab Emirates. Specific proposals were discussed and tasks were identified for attracting cutting-edge approaches and methods of work to the fields and industries, as well as for organizing advanced training courses and webinars with the engagement of the Academy of Public Administration under the President of the Republic of Uzbekistan with participation of experts from the UAE.

Also analyzed at the meeting was the progress of works carried out to set up modern industrial enterprises in the city of Tashkent with the attraction of foreign direct investments. It was emphasized that these projects should focus on the production of marketable goods and provision of the population with job, with the effective use of the existing urban infrastructure. The President gave instructions for their soonest launch of these schemes.

Particular attention was paid to the improvement in spearheading investment projects. The head of state noted the need to bring investment legislation in line with international norms, which serve as a guideline and indicator of reliability for investors.

Corresponding practical measures were identified for assignments raised during the meeting.