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New opportunities for youth in the investment environment

December 21. Deputy Prime Minister – Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov took part in the work of the Tashkent Youth Forum, where he spoke to young people, talking about the existing mechanisms to support young entrepreneurs and the prospects for increasing their activity in the investment environment.

During the speech, the success of the large-scale socio-economic reforms carried out in the country, which received recognition from the international community, confident steps towards the country’s integration into the world economy, as well as the growing interest in Uzbekistan from foreign investors, international financial institutions and organizations, were noted.

The positive dynamics of attracting foreign investment and the progress achieved in the implementation of large projects jointly with leading foreign companies and development partners in the areas of green energy, infrastructure development and other priority areas were emphasized.

Special attention was paid to the measures taken to stimulate the development of the system of vocational and higher education, as a key factor in increasing the competitiveness of the economy. These measures include active interaction with leading foreign universities, the implementation of joint educational programs, internships and refresher courses.

The creation of the Tashkent Investment and Financial Center was also announced – a unified platform providing extensive access to capital and a wide range of financial services and investment instruments, which is designed to become a financial bridge between Uzbekistan and leading international financial centers.

In his speech, S. Umurzakov dwelled on the results of the implementation of programs to support youth entrepreneurship. So, in particular, it was announced that over the past year, 192 youth industrial and entrepreneurial zones were created in the country, in which 185 projects with a total value of 345.4 billion soums were implemented, due to which about 3.5 thousand new jobs were created. … At the same time, more than 1.7 thousand projects totaling 3.1 trillion soums are under implementation, which will additionally create 36.4 thousand new jobs. In addition, with the assistance of the Youth Entrepreneurship Support Fund, 163 investment projects worth 110.9 billion soums were financed.

During the event, the problems identified in the process of interacting with young people and providing them with practical support in the implementation of their projects and business ideas were also considered, including a high level of bureaucracy in the country’s commercial banks, the lack of start-up capital among young entrepreneurs, relevant knowledge and experience for doing business and other factors.

It was announced that the Ministry of Investment and Foreign Trade is launching a competition for the 100 best innovative investment projects designed to unleash the potential of youth in the investment environment and stimulate the development of youth entrepreneurship.

During the event, participants had the opportunity to communicate directly with the Deputy Prime Minister, voice promising ideas and proposals, and ask questions on topics of interest. Moreover, representatives of young people raised particular problems that they encountered in the course of entrepreneurial activity. These problems were considered directly on the sidelines of the forum, and their solution was taken under control by the leadership of the Ministry of Investment and Foreign Trade, as well as by the responsible officials of the Cabinet of Ministers.