Uzbekistan abandons practice of drafting annual investment programs
Baku, Azerbaijan, Jan. 15
By Nigar Guliyeva – Trend:
Uzbekistan abandoned the outdated practice of developing annual investment programs without careful planning, as well as application of a single concept for the formation of long-term ideas and investment objectives, Deputy Prime Minister Sukhrob Kholmuradov said.
Kholmuradov told media that now Uzbekistan will develop state development programs for a period of 10-15 years.
He recalled that the Fund for Financing State Development Programs under the Cabinet of Ministers has recently been established. The Fund will accumulate funds from various sources, including foreign investments and loans and monitor the targeted use of funds within the implementation of projects.
He added that in 2017 Uzbekistan mastered foreign investment $ 2.4 billion, while the share of foreign investment in the total investment amounted to 20.4 percent.
Kholmurodov noted that now the main task is to develop sectoral long-term goals and industrial development programs. He added that the projects under the state programs will be implemented with the involvement of public funds and private investments.
"The future of Uzbekistan is impossible without foreign investment, and we now understand all this well," he said. "If we do not make an investment climate that foreign investors will believe, then all this is useless."
He stressed that Uzbekistan decided to repatriate profits with the liberalization of the foreign exchange market.
He noted that Uzbekistan will improve its investment climate, including legislation, stressing that laws will be adopted to protect investors' assets in Uzbekistan.