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Uzbekistan approves new investment program for 2020-2022

Business Materials 11 January 2020 14:35 (UTC +04:00)
Uzbekistan approves new investment program for 2020-2022

BAKU, Azerbaijan, Jan. 11

By Fakhri Vakilov - Trend:

Uzbekistan’s President Shavkat Mirziyoyev approved a new investment program for 2020-2022, Trend reports referring to Uzbekistan’s National Legislation Base - Lex.uz portal.

The document provides for the development of investments worth $89.4 billion, among which $35.4 billion are foreign investments.

In 2020 over 31,000 jobs are planned to be created.

In 2019, Uzbekistan managed to use $19.3 billion of investments, which is 1.3 times higher than in 2018. The share of investment in GDP exceeded 34 percent.

Since 2020, Uzbekistan has introduced a new system for the formation and implementation of the state program for a three-year period.

According to the document, the cost of engineering communications networks of projects worth more than $50 million, in which the share of foreign investors is at least 50 percent, will now be financed from the state budget.

Moreover, the investment project must also meet certain requirements, in particular: on economic efficiency, the presence of the conclusion of the Agency for Urbanization on the feasibility of the project on the selected land.

In addition, the project must have a positive review on environmental impact assessment.

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