On December 26 this year, Deputy Prime Minister of the Republic of Uzbekistan - Minister of Investment and Foreign Trade S. Umurzakov headed the video-conference involving heads of ministries, departments, industry associations, commercial banks, diplomatic missions of the Republic of Uzbekistan abroad, as well as local authorities of the Republic of Karakalpakstan, regions and the city of Tashkent dedicated to the discussion of preliminary results of investment and foreign trade in 2020, as well as to the determination of strategic goals and priorities in the raise of investments and exports increase for 2021.

The discussion touched upon regions and industries and considered measures taken this year to support entrepreneurs and exporters during the pandemic. The participants noted the effectiveness of close work with local entrepreneurs focused on practical support in the prompt resolution of issues, which enabled maintenance and even increase in the production and exports despite the restrictions imposed by the spread of coronavirus and unfavorable trends in the global economy.  

It should be noted that against a 40% decrease in the global foreign direct investment and a 25% decline in the world trade in 2020, Uzbekistan forecasts foreign direct investment raised as of the end of the year amounted to USD 6.6 billion, which will exceed the indicators of the previous year, and the exports - amounted to USD 15.1 billion. These indicators resulted from implementation of large investment projects in the production of construction materials, information and communication sectors, electrical, chemical and light industries, as well as a significant increase in the export of goods and services in the textile, agricultural, mining and metallurgical and transport sectors.

With this in mind, the executive officers received targeted instructions to intensify work with the initiators of investment projects and exporters in-situ, ensure daily monitoring of shipments under concluded export contracts, assist in the repayment of receivables, as well as close interagency interaction in order to identify new opportunities and resources to increase investment raise and exports indicators. There also were instructions to ensure timely commissioning of ongoing industrial projects.

The participants of the meeting considered relevant objectives for the coming year. According to the forecast, foreign direct investment will amount to USD 7.5 billion in 2021, exports - about USD 17 billion. Here, they emphasized the need to organize more effective work to attract investors and build up export potential.

It was noted that one of the most promising tools to achieve the goals set is a fact-based analysis of the opportunities available to entrepreneurs to create new and expand existing output capacities by raising capital investment and modern technologies in the most promising industries, i.e. 'growth points'.

The participants pointed out the need to prioritize investment projects with the highest economic effect expressed in the growth of industrial production, increase in tax revenues to the budget, increase in exports and the creation of new jobs. They highlighted the significance of close work with exporters with a view to financial support, assistance in their uninterrupted gas and electricity supply and supply of other resources, as well as in the search for foreign customers and entering new promising markets through the active use of existing domestic products promoting tools.

A particular attention touched upon the work of diplomatic missions abroad, which received certain instructions to develop new mechanisms to raise foreign investment and effectively support domestic exporters, as well as ensure the protection of their rights and interests.

The top officials of the Export Promotion Agency were additionally instructed to intensify work with national exporters, in particular though the provision of pre-export financing services, placement and registration of domestic goods on international e-commerce sites and promotion of Uzbek brands on world markets.

They also heard proposals from the heads of a number of industries and regions on dealing with existing systemic issues and introduction of new mechanisms for interaction with entrepreneurs and exporters.

The discussion resulted in targeted instructions to executive officers on measures to ensure unconditional and timely implementation of the set goals and objectives.