Fergana region of Uzbekistan plans to use $2.5 B in direct investments

Business Materials 7 May 2019 14:18 (UTC +04:00)

Baku, Azerbaijan, May 7

By Fakhri Vakilov – Trend:

The Fergana region of Uzbekistan plans to use $ 2.5 billion in direct investments and create over 31,000 new jobs as part of the investment program, Trend reports with reference to the press service of the President of Uzbekistan

in 2019-2020, it is planned to implement 643 investment projects totaling 26.4 trillion soums in the Fergana region .

"For the whole year, the Fergana region should work hard to attract investments and develop industry and entrepreneurship. Until May next year, both the administration and the relevant ministries will provide reports. We will work for one year, and then everything shall be clear," President of Uzbekistan Shavkat Mirziyoyev said at a meeting in Fergana with activists of the region, heads of ministries and departments, entrepreneurs, and representatives of the older generation.

Last year, industrial production in the region grew by 8 percent, the provision of services — by 9 percent, while the volume of used investments increased one and a half times.

However, in terms of gross regional product per capita, the Fergana region lags behind the average level in the country. Industry is not developing in five districts of the region: Kushtepa, Furkat, Altyarik, Fergana and Yazyavansky.

According to the program, a project worth $ 200 million will be implemented in Fargona Yasin Qurilish Mollari enterprise in the Besharyk district. The enterprise will produce 800,000 tons of cement this year and 1.2 million tons in the next year.

Kokand superphosphate plant will be modernized through direct investment from Indorama in the Kokand district. The annual production capacity of the enterprise is planned to be increased from 100,000 to 375,000 tons of phosphate fertilizers.

By attracting $30 million, Shaffoff Omadli Sanoat enterprise (Uchkupriksky district) will set up production of 350,000 gas cylinders for cars, electric forklifts, mini-tractors and other equipment for agriculture .

Furthermore, within two years, an area of ​​3,000 hectares will be provided for vineyards in Altyaryk district, an area of 2,000 hectares will be allocated for pomegranate production in Kuva district, and 2,000 hectares will be provided for cherry trees growing in Quvasay district.

($1-8441.67 soums on May 7)


Follow author on Twitter:@vakilovfaxri