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Uzbek capital expects $2.7B from foreign investors in 2019

Finance Materials 25 January 2019 16:51 (UTC +04:00)

Baku, Azerbaijan, January 25

Trend:

Uzbek President Shavkat Mirziyoyev, on January 24, familiarized himself with investment projects that are scheduled to be implemented in Tashkent in 2019, Trend reports with reference to NUZ.

Press service of the head state underlines that the president attended the extraordinary session of Tashkent city Council MP, held on December 21, 2018 where he emphasized the need to attract representatives of big business and potential investors to the capital and create the most favorable investment climate in the city.

In this regard, the Cabinet of Ministers adopted a resolution on additional measures to attract foreign direct investment in the capital’s infrastructure development on January 4, 2019.

As a result, it is planned to attract $2.7 billion in foreign direct investment in the economy of Tashkent and implement through this 273 projects this year.

The directions and places of projects’ implementation and the timing of funds’ disbursement were analyzed at the presentation of projects.

Thus, it is planned to carry out; 115 projects in the metallurgical, textile, food, construction, pharmaceutical, petrochemical and other industries; 103 projects in the service sector and 55 projects in the field of housing construction. This will create about 37,000 new jobs and improve the living conditions of population.

President paid special attention to the economic efficiency and social significance of the projects and gave instructions on assistance to foreign investors and control over the implementation of projects on time.

“Without investments, the economy does not move forward. If we create proper environment, infrastructure for investors then there will be jobs, output and taxes income will increase. Companies should be encouraged to invest in their development”, said Mirziyoyev.

At a video conference call held on January 8, the president instructed to stop the practice of postponing the use of bulk of investments in the last months of the year and bring the development rates in all industries and regions to at least 35 percent in the first half of the year and 70 percent in the first nine months. The phases and deadlines for implementation as well as those who are responsible for each project are defined.

The mechanism for monitoring and controlling the implementation of investment projects was on agenda during the presentation as well.

As a result, there is a working group headed by the prosecutor’s office of Tashkent in each district of the capital. The measures taken at all stages from the allocation of land to investors before putting the object into operation are specified. This will ensure transparency; eliminate corruption in the process of execution and implementation of projects.

Shavkat Mirziyoyev noted the need to support projects, promptly resolve issues that may arise during their implementation, to assist the effective functioning of the enterprise and putting them into operation afterwards.

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