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New control system to secure timely and effective realization of foreign investments

President of the Republic of Uzbekistan Shavkat Mirziyoyev chaired a videoconference session on April 8 to scrutinize the implementation – in the first quarter of this year – of projects involving foreign direct investments and international financial institutions, as well as the tasks for the first half of the year.
In recent years, a new system has been established for the development and realization of investment projects, with ministers and industry managers working at places across the country, ensuring the creation of new enterprises and permanent jobs. Numerous benefits and preferences have been introduced to improve the investment climate.
Highest-level talks with heads of foreign states and international financial organizations, leading business representatives were held. About 700 investment agreements to attract dozens of billions of dollars to the country were signed.
The outcomes of these measures have been conspicuous in terms of growth rates. In particular, last year the volume of investments in fixed assets grew by more than 18 percent. This, in turn, ensured the growth of industrial production by 14.4 percent.
An important qualitative change was the fact that half of the foreign direct investments mastered in the current year have been designated for provinces.
New control system to secure timely and effective realization of foreign investments
According to the 2019 Investment Program, capital investments in the amount of almost 14 billion US dollars are set to be realized for more than 3.2 thousand projects. In particular, it is envisaged to consume over 4 billion dollars of foreign direct investments.
The meeting participants analyzed these investment projects in the context of industries and regions. Reports of managers of sectors on the activities undertaken were heard. Challenging aspects of projects that are lagging behind in implementation were discussed.
As it was noted at the session, in the first quarter, the amount of funds planned for realization was fulfilled. Nonetheless, the situation in some industries and regions is far from reasonable. Heads of the Ministry for Development of Information Technologies and Communications, Uzavtosanoat Joint-Stock Company, Uzagrotechsanoat Holding and Uzeltechsanoat Association, deputy governors of Kashkadarya, Samarkand, Surkhandarya, Namangan, Fergana and Khorezm regions for investments received disciplinary warning.
The Head of the state proposed to introduce a new control system to ensure the timely realization of investments. In accordance with it, all projects involving foreign direct investment would be divided into four lists to be monitored separately.
The first directory will include 27 strategic projects designed to be implemented in the current year for 3.6 billion dollars of foreign investment. Their realization will be under the constant control of the President.
The second catalog is to contain 65 major projects totaling 1.3 billion dollars, and their execution will be under Prime Minister’s control.
The third register, to be monitored by Deputy Prime Ministers, would include 65 projects envisaging the disbursement of 407 million dollars of foreign investment.
Heads of central government agencies assigned to corresponding regions along with khokims are assigned with taking control over the execution of projects in the fourth listing.
Regular discussion of the execution of investment projects and prompt resolution of emerging issues will be organized.
The President drew attention to the availability of untapped opportunities for attracting foreign direct investments and cooperating with international financial institutions. The Head of the state noted the need for developing new investment projects in industries and regions.
The Ministry of Investments and Foreign Trade was tasked with developing, jointly with interested ministries, additional investment projects for each district and city, taking into account the available potential and resources in the oil and gas, chemical, energy, mechanical and electrical engineering, building materials industries, as well as in the regions.
New control system to secure timely and effective realization of foreign investments
Instruction was given to arrange business forums in Uzbekistan and abroad, hold presentations of domestic investors based on the formed proposals in conjunction with Uzbekistan’s embassies overseas.
It is necessary to establish robust bonds with foreign investors who have expressed desire to work in Uzbekistan, help them from the start to the end of the project, in other words, hold them “by the hand” and ensure the expected result, said Shavkat Mirziyoyev.
Activities on boosting the inflow of investments to Tashkent city, allocating land and state-owned facilities for investment projects were discussed at the meeting. It was noted that the capital city should set an example in attracting foreign direct investments.
The need was noted for taking control over the execution of projects in industries and regions, securing the soonest launch of an electronic information system to quickly identify and address emerging problems.
During the analysis of cooperation with international financial institutions, the importance of timely and qualitative implementation of projects in the social sphere was noted. It was indicated that works were late on 4 projects in the system of the Ministry of Health, 4 projects in the system of the Ministry of Water Management, 3 projects in the system of the Ministry of Housing and Public Utility Services.
To improve the coordination of such projects, ministries and departments have been identified that will work directly with international financial institutions such as the World Bank, Asian Development Bank, Islamic Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, International Fund for Agricultural Development.
At the meeting, implementation of roadmaps approved following the visits at the highest level were also reviewed.
As noted above, about 700 investment agreements have been signed as part of such visits. Uzbekistan’s Accounts Chamber has created a suitable database and established monitoring and control over the implementation of agreements.
The President noted that it is essential to ensure the rapid and consistent execution of measures provided for by the roadmaps and to bolster the activities of intergovernmental commissions in this direction.
The Cabinet of Ministers was tasked with reviewing the composition of intergovernmental commissions based on the key areas of cooperation with every country.
It was noted that starting from the next year, investment programs will be developed for a three-year period, and that all sectors and regions should launch appropriate preparations.
Important tasks on the issues discussed at the meeting were outlined for the future.
(Source: UzA)
Aircraft scanners plant to be installed in Jizzakh with Swiss Mircea Tudor Scan Tech SA
International Aerospace Committee (IAC) and the Digital Trust Foundation at National Agency of Project Management under the President of Uzbekistan (NAPM) has agreed on transfer of X-ray scanning technology for aircraft and other types of transport from the Swiss company Mircea Tudor Scan Tech SA. Up to the day, Swiss company is the world’s first and only producer of these fast and reliable means of security monitoring.
As the Memorandum of Cooperation was signed between the IAC and Digital Trust Foundation last week in Tashkent, the sides has agreed on building a plant in the Jizzakh region, that will produce scanners in Uzbekistan. Produced scanners will ensure the safety of airports not only in the region, but throughout Asia. In implementing this ambitious project, the International Aerospace Committee (IAC) will assist the Fund by attracting full investment from Switzerland.
According to the NAPM press-service, the Memorandum ensures providing the necessary mutual administrative and legal support, as well as consultations on the implementation of high-tech projects in the fields of Aviation, Space, Energy and land resources in Uzbekistan.
(Source: web-site of newspaper “Pravda Vostoka”)
Czech entrepreneurs seek ways to enter Uzbekistan markets
On April 8, Tashkent hosted Uzbekistan – Czech business forum during the visit of the business delegation of the Czech Republic led by the Minister of Industry and Trade Marta Nováková.
There are 25 enterprises with participation of Czech capital in Uzbekistan. At the opening ceremony of the forum, it was noted that these indicators do not correspond to the economic potential of the two countries.
It was emphasized that active reforms are being implemented in Uzbekistan in all areas. In such conditions, Czech entrepreneurs seek ways to enter Uzbekistan market. They are interested in investing in Uzbekistan. Organization of such meetings forwards such tasks as development of common approaches regarding the development of economic cooperation, exchange of views on increasing the types of export and import products in mutual trade.
In turn, Chairman of the Chamber of Commerce and Industry of Uzbekistan Adham Ikramov, Deputy Minister of Investments and Foreign Trade Badriddin Abidov expressed Uzbekistan’s readiness to develop cooperation in the areas of interest to the Czech side.
Representatives of the Czech Republic got acquainted with the investment climate of the country, the ongoing reforms, the possibilities of free economic zones.
At B2B and G2B meetings, organized within the framework of the forum, about 100 domestic entrepreneurs and representatives of over 20 Czech companies, specialized in development of trade, education, agriculture, tourism, security, energy, logistics, chemical, mining industry, discussed issues of further developing mutually beneficial cooperation.
(Source: UzA)
International Scientific Practical Conference has ended
A two-day international scientific practical conference on “The role of bakhshi art in world civilization” took place in Termez within the framework of the International Bakhshi Art Festival.
It was attended by folklorists, scientific researchers from France, Bulgaria, Russia, South Korea, Moldova, Turkey, Iran. The tasks of developing bakhshi art and performing dastans, further enhancing the role of oral folklore in development of culture and art of the East and West, the scientific study of dastans of Uzbek people and epics of other nations, establishment of a mutual creative dialogue were discussed.
The second day of the conference was also filled with discussions of scientists and specialists. Reports on such topics as “History, theory of the tradition of bakhshi art and performing art”, “Epic as a pearl of the spiritual heritage of people”, “Modern state of bakhshi art and problems of its preservation”, “Epic heritage in the context of ethnic music” were heard. A detailed exchange of views took place on the role of the intangible cultural heritage in our life, its significance in development of the national values of peoples and education of the young generation in the spirit of patriotism. Recommendations were made on the application of effective measures to protect young people from the influence of mass culture, which alienates them from oral folk art.
Following the conference, presentations by section moderators were heard. Suggestions and recommendations for the careful preservation of unique samples of ancient art and its development, introduction into the consciousness of youth were forwarded. Presentation of new publications was held.
(Source: UzA)