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New tasks defined for investments, foreign trade sectors

On December 23, President Shavkat Mirziyoyev held an executive meeting to discuss the effectiveness of works in investments and foreign trade, and identify key tasks for 2021.

The coronavirus pandemic has had a dreadful impact on the global economy. Export and investment activities have also faced considerable impediments.

The timely efforts undertaken in Uzbekistan to improve the investment climate are yielding fruit. This year, foreign direct investments worth 6.6 billion US dollars were used. By the end of the year, the exports are expected to reach $ 15 billion.

The head of our state noted at the meeting that 2021 also will prove hard for the national economy, and thus it is crucial to take concrete, targeted measures to attract and develop investments, provide for export forecast indicators, and boost the production of import-substituting goods.

It is planned to draw in more than $ 7.5 billion in foreign direct investments next year. The meeting participants identified actions for the complete and timely use of these funds in every given project. It was instructed therefore to take measures for the timely realization of 226 major projects through these investments.

The President set the task to qualitatively execute 69 new promising industrial schemes, creating thereby additional reserves for economic growth.

Special attention as the main driver sectors of the economy will be paid to the chemical production, energy, geology, electrical engineering and textile industry.

Shavkat Mirziyoyev pointed out the importance of introducing a new system for the implementation of projects funded by loans from international financial institutions from 1 January 2021, conducting appropriate training for the personnel of “project offices” for successful development, and ensuring the effectiveness of funds for each project.

Exports are forecast to be around $ 17 billion next year. In this regard, responsible officials were urged to conclude export contracts in advance and establish, from January 1, a system of pre-export financing at the expense of the Export Support Fund.

The Minister of Investments and Foreign Trade and his deputies reported on the strategy to be devised to address the objectives outlined at the meeting.