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In 2020, more than 3,000 investment projects are planned to be implemented in Uzbekistan

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In 2020, more than 3,000 investment projects are planned to be implemented in Uzbekistan

The investment program for 2020 includes more than 3 thousand projects, the realization of which envisages investment of 235 trillion soums, including foreign direct investment of 7 billion dollars. This was discussed during the videoconference chaired by the President of Uzbekistan Shavkat Mirziyoyev on May 26.

With the pandemic-related coronavirus slowdown in the first half of the year, the priority is given to projects that can give results in short term, ultimately, generate jobs and economic growth.

Due to the situation, 450 billion soums out of the Investment program have been diverted from the construction projects to other, more urgent purposes. In particular, 150 billion soums has been transferred to the development of 40,000 hectares of land and the creation of 80,000 permanent jobs.

Heads of industries and region are assigned to revisit budget-funded investment projects and optimize costs.

International standards will be gradually introduced to the project documentation development process to establish effective investment cooperation in Uzbekistan. From next year, all processes – starting from project development to operation of large objects from the budget - will be carried out in accordance with international standards; restrictions on the allocation of funds for design will be lifted.

This year, 34% of foreign direct investment came to oil and gas, mining and metallurgy sectors, 53% to regional projects.

Uzbekistan is interested in further attracting investments to information technology, jewelry, chemical and electrical industries, higher education and health care.

Preferences granted only to foreign investors will be extended to local private investors. For example, if the latter starts a project worth more than $25 million, external communications and engineering networks will be built at the expense of the budget.

Small income-generating projects and public-private partnership projects will also receive special attention.

UzA