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A new mechanism for stimulating investment and foreign trade activities will be introduced in Uzbekistan

On October 6 this year, an expanded meeting of the Government Commission on Foreign Trade, Investments, Local Industry Development and Technical Regulation was held in the format of a videoconference under the leadership of Deputy Prime Minister of the Republic of Uzbekistan S.Umurzakov to discuss the introduction of a fundamentally new mechanism for the development, financing and implementation of investment projects in the regions of the country.

The meeting was attended by heads of ministries, departments, industry associations, commercial banks and local authorities of the Republic of Karakalpakstan, regions and the city of Tashkent at the regional, district and city levels.

The indicators of investment and foreign trade activity of Uzbekistan for the first 9 months of the current year were considered. The factors that positively influenced the dynamics of attracting investments and stimulating exports in the context of industries and regions have been identified. Reports of responsible executives on the implementation of regional investment programs were heard. The actual tasks of practical support for entrepreneurs in the implementation of investment projects and export activities were outlined. In addition, issues of stimulating the socio-economic development of mahallas were considered.

The key topic of the meeting was a newly developed mechanism to increase the volume of attracted investments and stimulate exports, built on the basis of a systematic approach to the processes of development, search for financing sources and implementation of investment projects, as well as subsequent monitoring of the activities of launched enterprises and industrial facilities. The mechanism is aimed at making full use of the economic and industrial potential of the country’s districts and cities and stimulating their accelerated and uniform socio-economic development.

Within the framework of the new mechanism, project groups will be created under the khokimiyats of all 206 districts and cities, which will analyse the available untapped opportunities, taking into account unused land plots, buildings and structures, natural and infrastructural resources. Based on these analyses, project teams will develop strategies and concepts for the development of districts and cities. Coordination of the activities of the project teams will be carried out by the Project Office, to be established under the Agency for Strategic Development of the Republic of Uzbekistan.

On the basis of the developed strategies and development concepts, experts of the Centre for Development of Investment Projects under the Ministry of Investments and Foreign Trade will develop promising investment proposals adapted to the specifics and economic potential of a particular district or city.

Selection of investors and project financing sources will be carried out among local entrepreneurs and foreign companies by local authorities together with the Investment Promotion Agency under the Ministry of Investments and Foreign Trade and the country’s diplomatic missions abroad. At the same time, the mechanism envisages allocation of financial assistance to entrepreneurs in the implementation of major projects through attraction of resources from the Direct Investment Fund of the Republic of Uzbekistan.

In connection with the practical implementation of the new mechanism, the responsible heads of ministries, departments, commercial banks and local authorities were given specific and targeted tasks, as well as the necessary explanations and instructions. It was announced that in order to ensure effective interaction of officials during the introduction of the new mechanism, a separate plan of measures has been developed.

Also, responsible executives will receive specially organised capacity building training courses at the Public Administration Academy under the President of the Republic of Uzbekistan with the involvement of qualified domestic and foreign experts. The effectiveness of executives in the practical implementation of the new mechanism on the ground will be assessed through a special rating.

Following the results of the meeting, additional instructions were given to the relevant executives on the practical implementation of the new mechanism of investment attraction and effective use of export potential.