Uzbekistan on the way to the development of the chemical industry

The International Finance Corporation (IFC) and the Government of Uzbekistan have signed an agreement to support the modernization of the chemical industry in Uzbekistan, the Ministry of Finance of Uzbekistan writes.

This agreement provides for attracting investments in the chemical sector of Uzbekistan and in the production of mineral fertilizers.

«The Government of Uzbekistan has initiated reforms aimed at transforming the chemical and fertilizer sectors. The aim of the reforms is to modernize the outdated system of production and distribution of chemical products and fertilizers, encourage investment and create a competitive industry that will provide new highly skilled jobs and reduce the carbon footprint of Uzbekistan's industry »,- said Timur Ishmetov, Minister of Finance of Uzbekistan.

It is worth noting that Uzbekistan is a country with rich natural resources. The advantage of Uzbekistan is that it can use its own raw materials to produce a wide range of goods. However, the chemical industry is experiencing a lack of funding. Therefore, this initiative is aimed at eliminating the inefficiency of the sector by attracting investment.