Uzbekistan introduces a new project management system for strategic investment projects
Jan 10,2022
By the decree of President Shavkat Mirziyoyev, the Investment Program of Uzbekistan for 2022-2026, developed by the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan, was adopted.
The investment program envisages the introduction of new approaches and mechanisms for managing investment projects.
The investment program of Uzbekistan for 2022-2026 stipulates the development of foreign investments in the amount of $70 billion over the next five years.
By 1 February, the Agency for International Cooperation and Development will receive concepts for new investment projects for which it is planned to attract public external debt.
Further, by 1 March, the concepts of investment projects will be submitted for approval to the relevant foreign partners.
At the suggestion of the Ministry of Investment and Foreign Trade and the Agency for Strategic Development, it is planned to introduce a project management system for strategic investment projects. It provides for the creation of a central project management office within the ministry, coordinating work on strategic investment projects.
To increase investment activity in the regions, district (city) and regional project groups, as well as holding companies, are being created. Ministry of Investment and Foreign Trade will also improve the activities of the Direct Investment Fund. The fund will acquire the right to own up to 49% of the share of the authorized capital of the "holding companies".
The Agency’s specialists, together with the initiators of the projects, must, by 1 March, fully enter information and data on ongoing and new investment projects into the automated information system "Control and monitoring of the implementation of investment projects."
In addition, a Department for monitoring the implementation of legislation in the areas of foreign trade, investment and entrepreneurship will be created under the Prosecutor General’s Office.
The Development Strategy of New Uzbekistan for 2022 - 2026 in this direction also outlines such goals and objectives as:
- establishment of a new system for the efficient use of investments and increase in export volumes based on the “bottom-up” principle;
- implementation of the Strategy for attracting foreign and domestic investment until 2026;
- attracting $ 14 billion in energy, transport, healthcare, education, ecology, utilities, water management and other investments on the basis of public-private partnerships;
- the establishment of mutual foreign economic relations between business representatives of the regions of the republic and foreign countries, including the development of investment and foreign economic relations of the Syrdarya region with the People's Republic of China, the Surkhandarya region with the Russian Federation, the Jizzakh region with India;
- the organization in the Surkhandarya region of the "Center for Investor Assistance", in the Navoi region by the Navoi Mining and Metallurgical Combine of the "Center for Business Assistance", in the city of Tashkent - the "Center for Advanced Projects and Engineering", in each district - the "Center for Innovations and Technologies", providing practical assistance to entrepreneurs;
- holding in the city of Tashkent from 2022 the annual "Tashkent International Investment Forum".
In order to increase financial resources in the economy, the goal has been set to bring the stock market volume from $ 200 million to $ 7 billion in the next 5 years.
It also provides for a gradual liberalization of the movement of capital in the country and the privatization of large enterprises and stakes (shares) in them, including privatization through the stock exchange.
The transformation of the banking system will be completed, in 2025 it is expected to bring the share of banking assets of private banks to 60 percent in general.
The strategy also aims to increase the republic's export volumes in 2026 by increasing the export potential to $ 30 billion.
The export potential of the republic will increase through the active continuation of the system of support for the activities of exporting enterprises.
The development of the export potential of local industries will continue, making full use of existing opportunities.
It is planned to introduce standards and attract well-known brands that meet foreign markets and international requirements.
The share of the private sector in exports will reach 60 percent.
Accelerating the process of accession to the World Trade Organization is another major challenge facing the state.
Source:Embassy of the Republic of Uzbekistan,Tehran