Uzbekistan to promote socio-economic development of country's Kashkadarya region

Business Materials 25 August 2020 11:10 (UTC +04:00)
Uzbekistan to promote socio-economic development of country's Kashkadarya region

BAKU, Azerbaijan, Aug. 25


The government commission for the development of export and investment under the leadership of the Deputy Prime Minister of the Republic of Uzbekistan, Sardor Umurzakov, studied investment, industrial and export potential of the Kashkadarya region, Trend reports referring to the Ministry of Investment and Foreign Trade.

During the on-site visit, the current state of 399 industrial enterprises was analyzed, among them 163 are currently not commissioned, ceased or temporarily suspended activities, reduced production volumes, or the number of tax revenues to the budget. In this vein, 63 problematic issues related to the allocation of credit funds, five cases of the need to restructure payments on previously allocated loans, 18 issues related to connection to utilities, 18 cases of lack of sufficient raw materials for production, and other problems were identified.

Responsibility for the prompt resolution of these issues was assigned to the relevant heads of industry departments and associations, as well as commercial banks, local authorities in districts and cities of the region.

The priority of the program optimized by the commission is given to projects characterized by high volumes of industrial production, tight deadlines, significant export potential, and a large number of jobs created. Also, efforts are underway to form a package of new investment projects with a high economic impact.

A mechanism will also be introduced in which investment projects planned for implementation in the free economic zones and small industrial zones will be aimed at the production of certain types of products, the production of which is currently not established or is not provided in sufficient volumes. This will allow us to build value chains, as well as strengthen cooperative ties between domestic enterprises.

Special emphasis was made on the need to implement practical measures to increase the level of localization of products in demand on the domestic market, which will reduce the dependence on imports of both finished products and certain types of raw materials and components used in production.

Another specific part of work in the region is interaction with export-oriented enterprises to identify existing problems and provide comprehensive support in finding solutions and ensuring stable production and exports.