Priorities for investment activities and strategic development
President Shavkat Mirziyoyev, on January 12, held a meeting to address the activities of the Ministry of Investment and Foreign Trade and the Strategic Development Agency.
As a result of stability and a favorable investment climate in Uzbekistan, foreign economic relations are steadily prospering. In 2021, a total of more than $ 10 billion USD, including $ 8 billion 100million USD in foreign direct investment, was disbursed. Consequently, 318 large and over 15,000 regional projects have been implemented and more than 273,000 jobs have been created. The new enterprises have the potential to generate more than $ 1 billion USD in exports and $ 530 million USD in imports.
Certainly, the coronavirus pandemic is still inducing a serious impact on economic processes. Nevertheless, exports are growing steadily. In particular, in 2020, the country's exports exceeded $ 9 billion USD, while in 2021 - $ 12 billion USD. It is noteworthy that the share of finished and semi-finished products has boosted significantly.
This year, it is planned to attract more than $ 9.5 billion USD in foreign direct investment and launch 282 large and more than 9,000 regional projects. Exports are estimated to reach $ 14 billion USD.
The President paid special attention to the development of production and industrial cooperation. Tasks were given to increase the range of local products, to support and encourage entrepreneurs in this regard. Particularly, the products of local enterprises that manufacture goods that are not produced in our country are guaranteed to be purchased. It was noted that it is crucial to involve assistant governors in this process.
In fact, in accordance with the Decree of the President of the Republic of Uzbekistan dated July 19, 2021, the Strategic Development Agency was established. The Agency is tasked with studying the strategic issues of attracting investments and implementing projects, identifying promising areas of investment, reforming the economy based on international experience and developing proposals to boost the investment potential of the regions. The meeting was informed about the structure of the Agency, the work done to date and plans for this year.
The agency's plan for this year encompasses 18 important events, introducing a new mechanism to promote investment projects, improving the investment climate by reducing the shadow economy, establishing a regional ranking of the investment climate, launching an online platform to identify and address systemic problems of entrepreneurs, and attracting foreign direct investment in partnership with the World Bank, to name but a few.
“This will pave the way for the Agency to expand investment and proliferate export potential. Therefore, it is necessary to develop a "road map" for the strategic development of regions and industries, which will involve qualified specialists and consultants from abroad” - noted Shavkat Mirziyoyev.
A methodology for strategic development has been developed and specific tasks have been set for its implementation in each region and sector.
