MIFT: The issues of socio-economic development of the Republic of Karakalpakstan were studied

Yesterday, the Government Commission on Foreign Trade, Investments, Local Industry Development and Technical Regulation made up of heads of ministries, departments, industry associations and commercial banks traveled to the Republic of Karakalpakstan under the leadership of Deputy Prime Minister of Uzbekistan Sardor Umurzakov to study the current state of the region’s socio-economic development and work out measures for further stimulation of investment, industrial and export potential, reports “Dunyo” IA correspondent.

According to Uzbekistan MIFT, to implement the task, separate subgroups were formed in each direction, whose function is to go out to the field, study the current situation, identify existing problems and develop proposals for their solution.

The implementation status of the regional investment program was reviewed. In the context of districts and cities, the existing issues were considered, and the responsible executives were given targeted instructions for their solution.

The execution course of the instructions provided by the Government Commission on extending practical support to entrepreneurs in solving the problematic issues identified during the Commission’s visit was reviewed. Heads of relevant ministries, agencies and commercial banks were given critical comments regarding the timely and high-quality execution of the instructions and were instructed to take prompt and effective measures to eliminate the identified shortcomings. Special emphasis was placed on the need for timely allocation of financial resources to entrepreneurs and initiators of investment projects.

A presentation was made on the new developed mechanism for stimulating investment and export activities, which is built on the basis of a systematic approach to the development processes, search for financing sources and implementation of investment projects, as well as subsequent monitoring of the activities of commissioned enterprises and industrial facilities. The mechanism is aimed at making full use of the economic and industrial potential of the country’s districts and cities, stimulating their accelerated and uniform socio-economic development.

Within the framework of the new mechanism, project groups will be created under the Khokimiyats of Nukus and all 16 districts of the region, which will analyze the available untapped opportunities, taking into account unused land plots, buildings and structures as well as natural and infrastructural resources. Based on this analysis, project teams will develop strategies and concepts for the development of relevant districts and cities. Coordination of the project teams’ activities will be carried out by the Project Office established under the Agency for Strategic Development of the Republic of Uzbekistan.

On the basis of the developed strategies and development concepts, specialists of the Center for Investment Project Development under the Ministry of Investments and Foreign Trade will form promising investment proposals adapted to the specifics and economic potential of a particular district.

The selection of investors and sources of project financing will be carried out among local entrepreneurs and foreign companies by local authorities together with the Investment Promotion Agency under the Ministry of Investments and Foreign Trade in cooperation with the country’s diplomatic missions abroad. At the same time, the possibility of co-financing large projects of entrepreneurs from the Direct Investment Fund of the Republic of Uzbekistan is provided.

Following the meeting, the relevant executives were given additional instructions on the practical implementation of the new mechanism, as well as the organization of effective work in the region.

“Dunyo” IA