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Preliminary results of 2020 and tasks for 2021 in the areas of investment and foreign trade were discussed

December 26 this year in the format of a video conference under the leadership of the Deputy Prime Minister of the Republic of Uzbekistan – Minister of Investments and Foreign Trade S. Umurzakov with the participation of the heads of ministries, departments, industry associations, commercial banks, diplomatic missions of the Republic of Uzbekistan abroad, as well as local authorities of the Republic The preliminary results of investment and foreign trade activities for 2020 were discussed in Karakalpakstan, regions and the city of Tashkent, as well as strategic tasks and priorities in attracting investments and increasing exports for 2021 were identified.

During the discussion, in the context of regions and industries, the measures implemented this year to support entrepreneurs and exporters in the context of a pandemic were considered. The effectiveness of close work with local entrepreneurs aimed at providing practical support in the prompt resolution of issues was noted, which made it possible to maintain and even increase the pace of production and exports despite the restrictions imposed by the spread of coronavirus and unfavorable trends in the global economy.

It should be noted that against the background of a 40% fall in the global volume of foreign direct investment and a 25% decline in the volume of world trade in 2020, in Uzbekistan at the end of the year, the volume of attracted foreign direct investment is projected at $ 6.6 billion, which will exceed the previous year, and the volume of exports – at the level of 15.1 billion dollars. 

These indicators were achieved through the implementation of large investment projects in the production of building materials, information and communication sectors, electrical, chemical and light industries, as well as a significant increase in the export of goods and services in the textile, agricultural, mining and metallurgical and transport sectors.

In this context, the responsible managers were given targeted instructions to intensify work with initiators of investment projects and exporters on site visits, to ensure daily monitoring of shipments under concluded export contracts, to assist in the repayment of receivables, as well as to closely cooperate at the interagency level in order to identify new opportunities and resources to increase the indicators of attracting investments and exports. Instructions were also given to ensure timely commissioning of ongoing industrial projects.During the meeting, urgent tasks for the coming year were considered – according to the forecast, in 2021 the volume of foreign direct investment will amount to $ 7.5 billion, and the volume of exports – about $ 17 billion. In this regard, the need to organize more effective work to attract investors and build up export potential was emphasized.

It was noted that one of the promising tools for achieving the set goals is an objective analysis of the opportunities available to entrepreneurs to create new and expand existing production facilities by attracting capital investments and modern technologies in the most promising industries – “growth points”.

The need to prioritize investment projects with the highest economic effect, expressed in the growth of industrial production, an increase in tax revenues to the budget, an increase in exports and the creation of new jobs, is pointed out. The importance of close work with exporters was emphasized, meaning the provision of financial support, assistance in their uninterrupted gas and electricity supply and other resources, as well as in the search for foreign customers and entering new promising markets through the active use of existing tools for promoting domestic products.

Special attention was paid to the work of diplomatic missions abroad, which were assigned specific tasks to develop new mechanisms for attracting foreign investment and provide effective support to domestic exporters, as well as to ensure the protection of their rights and interests.

The leadership of the Export Promotion Agency was given additional instructions to intensify work with national exporters, in particular by providing pre-export financing services, placing and registering domestic goods on international e-commerce sites and promoting Uzbek brands on world markets.

Also, proposals were heard from leaders of a number of industries and regions on solving existing systemic problems and introducing new mechanisms for interaction with entrepreneurs and exporters.

As a result of the discussion, all responsible leaders were given targeted instructions and instructions for the implementation of measures aimed at ensuring the unconditional and timely implementation of the set goals and objectives.