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New measures to stimulate the socio-economic development of the Republic of Karakalpakstan

On February 7 this year, a working group led by the Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov and consisting of the heads of ministries, departments and commercial banks left for the Republic of Karakalpakstan to study the current state of socio-economic development and the implementation of investment and infrastructure projects.

During the trip, targeted meetings were held with entrepreneurs and initiators of investment projects to identify existing problems and develop effective algorithms for solving them. An analysis of the current state of infrastructure and social facilities was also carried out, following which responsible managers were instructed to develop a comprehensive strategy for further operation for each facility, providing for self-sufficiency and wide coverage of the population with social services.

Further steps to enhance investment and industrial activity in the region were discussed – responsible managers were instructed to develop systemic measures aimed at creating optimal conditions for the formation of value chains based on the existing raw material potential and industrial capacities. In this vein, the importance of identifying and using “points of economic growth” in the development of project proposals was emphasized, which will make it possible to achieve a significant economic effect from attracted investments.

It was instructed to take measures for the active practical application of the new system for stimulating investment and foreign trade activities, the effective organization of the activities of “project groups” and the Councils of Entrepreneurs created in the regions in order to identify untapped economic reserves and develop new investment projects in promising industries.

At the same time, the need was noted for creating conditions for employment and providing a stable source of income for the local population, including through the establishment of industrial cooperation based on work from home method.

The heads of relevant ministries, departments, commercial banks and local authorities were given targeted instructions aimed at boosting entrepreneurial activity, developing intersectoral cooperation, building up export potential and creating additional jobs.