President of the Republic of Uzbekistan Shavkat Mirziyoyev has held a meeting to discuss the implementation of the agreements reached following the high-level visits in 2019 to the United Arab Emirates and Japan.
These two countries have wide investment opportunities, have experience of accelerated development, modernization and effective implementation of advanced technologies, the implementation of large-scale investment projects that have ensured the formation of a diversified and sustainable economy.
The official visits of the President of the Republic of Uzbekistan to the UAE on March 24-26 and to Japan on December 17-20, 2019 opened a new page in the history of bilateral cooperation.
Fruitful negotiations and events that took place in a friendly and constructive atmosphere with the Emirate and Japanese partners have once again confirmed the importance of further maintaining dialogue at the highest level, which is a determining factor in strengthening friendship and mutual trust between the countries.
Following the visits, intergovernmental and interdepartmental documents, as well as agreements in trade, economic and investment spheres were signed.
Therefore, agreements were reached with the United Arab Emirates on implementation of joint projects worth more than 10 billion USD, and with Japan this figure exceeds 6.6 billion USD.
In particular, it is planned to implement large-scale projects in the energy sector, infrastructure development, the oil and gas, chemical and petrochemical industries, mechanical engineering, agriculture, food industry, tourism sector and other areas.
At the meeting, it was noted that agreements with the UAE companies are already bearing fruit. Thus, the Masdar company is investing 100 million dollars in the construction of a solar power station in Uzbekistan. In October 2019, it was declared the winner of the first ever open tender in the history of Uzbekistan to attract investment in public-private partnership in solar energy. The construction will start in the first quarter of 2020.
Such achievements are also observed in many other projects with both the UAE and Japan.
Thus, with participation of the UAE, The Abu Dhabi Uzbek Fund was created with a capital of 1 billion USD. To date, financing has been approved at the expense of this fund for small and medium-sized projects, as well as the construction of a hotel in Samarkand, the privatization of the Hyatt Regency Tashkent hotel.
With the assistance of the Japan International Cooperation Agency (JICA), a project is underway to build and equip the Republican Specialized Scientific and Practical Medical Center for Neurology and Stroke.
The Ministry for Development of Information Technologies and Communications of Uzbekistan, using credit from the Japan Bank for International Cooperation, plans to raise 180 million dollars for the implementation of projects “Creating Data Storage and Processing Centers”, “Expansion of international packet switching centers”, “Expansion of the telecommunication transport network and data transmission network”, “Modernization of the radio network”.
Along with this, the Japanese expert Etsuaki Yoshida began his activities at the Ministry for Development of Information Technologies and Communications of Uzbekistan as an advisor to the minister, who will deal with issues of attracting foreign investment and international credit lines for the implementation of the Program for the modernization, technical and technological re-equipment of information technology enterprises. The Embassy of the Republic of Uzbekistan in Japan introduced the posts of advisor-envoy for education, science and innovation, as well as an advisor for working with private business.
President Shavkat Mirziyoyev noted the need for full and qualitative implementation of measures defined for 2020 in accordance with the roadmaps developed following the visits.
Particular attention has been paid to the timely and qualitative implementation of projects that contribute to improving the quality of life of the population and the accelerated development of entrepreneurship in the country.
Reports of the leadership of the Ministry of Investments and Foreign Trade were heard on the issues discussed at the meeting, specific measures were identified.
At the event, issues were also discussed and proposals were developed for expanding pre-export financing, improving the investment climate, implementing targeted approach to attracting foreign direct investment in economic sectors and promising projects.