Investment Proposals under Discussion
Every week, the International Hotel in Tashkent hosts briefings organized by the State Committee for Investments and devoted to the discussion of investment proposals.
Three similar events have already taken place with the participation of investors from Uzbekistan and abroad, representatives of diplomatic missions of foreign nations, chiefs of government agencies. Permanent moderator of these meetings is the Representative of the President of Uzbekistan for the protection of rights and legitimate interests of business entities Dilmurod Kasimov.
At the first briefing Suhrob Kholmuradov, Uzbekistan’s Deputy Prime Minister, Chairman of the State Committee for Investments, noted it is necessary to create today a stable and effective feedback from investors. One of the initiatives in this direction is the formation of a unified platform for open discussion of investment proposals.
The high-ranking government official also talked about the creation of an investment portal, to be launched in the near future. It will allow one to get acquainted with up-to-date information about the investment potential of Uzbekistan, industries and territories, the available raw materials base, conditions created for investors, privileges and preferences granted. The investor, while abroad, will be able to get full access to the information of interest.
The Deputy Prime Minister also announced the data on the implementation of investment activities in the country. Thus, in the first half of the year Uzbekistan registered more than 960 enterprises with foreign capital participation, which is almost three times the number of those established in the same period of the last year. Meanwhile, special activity is observed among representatives of the Russian Federation, the Republic of Turkey, the People’s Republic of China, the Republic of Kazakhstan, the Republic of Korea and other countries. There is growing interest in joint activities on the part of entrepreneurs from Afghanistan, India, Germany, Ukraine, Azerbaijan.
During an open dialogue, foreign investors talked about their experience of working in Uzbekistan, discussed projects under consideration.
In particular, Amit Jain, Indorama representative, said:
“Our studies showed that before the arrival of Indorama in Uzbekistan in 2010, deep processing of cotton fiber inside the country was not so widespread. Today the situation has radically changed, textile enterprises are being created throughout the country, which improves the situation with employment of the local population.”
The second meeting a week later was devoted to the fuel and energy complex, chemical, petrochemical, metallurgical and mining industries.
The event participants noted that the territory of Uzbekistan was studied only by 20% and, accordingly, there is a huge potential to identify new deposits. According to experts, the mineral resource potential of the country is estimated at about 5.7 trillion US dollars, of which more than $ 1 trillion is the worth of already explored reserves and prepared deposits. Taking into account such significant wealth of subsoil, having an appropriate regulatory framework that meets modern business requirements, the number of issued licenses to subsoil users is also growing, which, when creating their own production, make a significant contribution to the development of Uzbekistan. As a result, in recent years the State Committee for Geology has issued more than 1,200 licenses for the right to use subsoil plots.
Meetings of this format will continue, including in such thematic areas as engineering, automotive and electrical industry, healthcare, pharmaceuticals, education, tourism and other spheres.