Uzbekistan plans to master $6.8 B investments

Business Materials 31 May 2019 16:08 (UTC +04:00)

Baku, Azerbaijan, May 31

By Fakhri Vakilov - Trend:

In 2019, Uzbekistan intends to absorb investments and loans in the amount of $6.8 billion, which is 1.2 times more than in 2018 and, thus bringing their volume per capita to $206, Trend reports referring to Uzbek media.

At a joint meeting of the committees of the Parliament of Uzbekistan, the report of the Ministry of Investment and Foreign Trade on the work done in the first quarter of this year was heard.

For the current year, the development plan for 345 sectoral investment projects amounted to $7.8 billion. At the same time, all sources of financing provide for the development of capital investments in the amount of 137.7 trillion soums.

According to the information presented, within the framework of the Investment Program for the current year, 112.2 trillion soums are targeted investments, including centralized ones - 41.6 trillion soums, and non-centralized - 70.6 trillion soums.

In turn, as of April 1, 2019, the total volume of utilized investments amounted to 34.3 trillion soums.

It is noted that operational measures are being taken to identify and solve problems related to the implementation of investment projects.

In particular, in the first quarter of this year, 96 projects have a lag in the use of investments.

Currently, there are no foreign investments attracted by Uzbekipaksanoati Association, Uzbekhydroenergo JSC, Uzbekistan Airways, Uzbekistan Million Electr Tarmoclari, Hududy Electr Tarmoclari, as well as the Housing &Communal Services, and Transport Ministries, and the State Committees for the Development of Tourism, and of Ecology & Environment.

Moreover, the level of foreign direct investments remains low in the associations such as Uzeltehsanoat, Issiklik Electr stanlari JSC, Uzagrotehsanoat Holding, and Uzavtosanoat as well as in Uzbekistan Railways, the Agency for the Development of the Pharmaceutical Industry, the Ministry of Agriculture and the State Committee on Geology and Mineral Resources.

Senators criticized the shortcomings of the Ministry. In particular, in their opinion, the work to advance the country's position in the Global Competitiveness Index and in the classification of credit risks is not fully organized.

In conclusion, a joint decision was adopted by the Committees on Issues of International Relations, Foreign Economic Relations, Foreign Investments and Tourism, and on the Budget and Economic reforms.

($1- 8,486 soums on May 31)


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