A Memorandum on joint implementation of projects was signed between the Direct Investment Fund of the Republic of Uzbekistan and the Association of Furniture and Woodworking Enterprises of the Republic of Uzbekistan.
The Memorandum was signed by Atabek Nazirov, Director General of the Management Company of the Direct Investment Fund of the Republic of Uzbekistan, and Aziz Nuritdinov, Chairman of the Association of Furniture and Woodworking Enterprises of the Republic of Uzbekistan.
It should be noted that on 21 June 2021, the President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures aimed at the development of the furniture industry in the regions of the republic”, according to which small industrial zones will be created in the regions of the country, specializing in the production of furniture products in the format of clusters.
In this context, the concluded Memorandum serves to unite the efforts of the parties in the formation of the largest furniture cluster in the republic. According to the Association’s estimates, investments in the project are estimated at US$150 million and envisage the creation of 22 production facilities with more than 2,000 new jobs. In addition, a training center will be created on the territory of the cluster for the education and training of local personnel by foreign experts. Successful implementation of the project will accelerate the development of the furniture and woodworking industry and bring it to a leading position in the region. The Memorandum is based on the Concept of creating a National Industrial Holding to unite entrepreneurial, industrial and financial capital for the development of competitive domestic industries, including for the production of furniture products and maximum import substitution, as well as the creation of new jobs.
The Direct Investment Fund of the Republic of Uzbekistan was created in accordance with the Decree of the President of the Republic of Uzbekistan from 17 January 2019, which approved the State Program for the implementation of the Action Strategy in five priority areas of the country’s development in 2017-2021 in the year of “Active Investments and Social Development”. One of the main tasks of the Fund is to attract foreign direct investment and innovative technologies to expand the production potential, as well as to further increase the competitiveness of the republic’s economy.
The Association of Furniture and Woodworking Enterprises of the Republic of Uzbekistan was established in 2018. The founders of the Association were such well-known enterprises in the country’s market as Huvaydo Mebel, Intermebel, Abuzar Mebel, and others.
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