On May 16 this year, Deputy Prime Minister - Minister of Investment and Foreign Trade of the Republic of Uzbekistan S. Umurzakov headed a video-conference dedicated to measures ensuring stable operation of entrepreneurs and exporters through non-standard mechanisms and algorithms supporting business entities under continuing restrictions and quarantine requirements, as well as other issues within investment and foreign trade.

Top officials of the Ministry of Investment and Foreign Trade, the Ministry of Foreign Affairs, the General Prosecutor's Office, the Ministry of Finance, the Ministry of Economic Development and Poverty Reduction, the Ministry of Transport, the State Tax Committee, the State Customs Committee, industry departments, industrial associations, relevant government agencies, and commercial banks, local authorities of the regions, the Republic of Karakalpakstan and the city of Tashkent, as well as the head of diplomatic representative offices of the Republic of Uzbekistan attended the meeting.

The meeting included debriefs of senior executives on the implementation of the Investment Program for 2020-2022 and development of foreign direct investment and loans in January - April this year, as well as on the achievement of forecasted export values from January to May this year. The attendees noted the importance of measures to unconditionally reach the target parameters of the Program, timely commission the production facilities to create a reliable foundation to increase export of products with high added value, as well as to ensure employment of population through new jobs.

The particular focus touched upon promising mechanisms to increase exports of fresh fruits and vegetables, as well as products of the light and pharmaceutical industries. The attendees considered constructive proposals of the heads of relevant industry departments and set the tasks with respect to certain deadlines. At the same time, state foreign trade companies and heads of diplomatic missions abroad received instructions to search for new markets for domestic products.

With a view to the industries and regions, the attendees considered import substitution and localization of industrial production, as well as promising non-standard mechanisms to restore the export of tourism services under the existing restrictions due to coronavirus pandemic.

A particular attention was paid to the elimination of the negative effects of natural phenomena in Alat, Karakul and Jandar districts of Bukhara region, compensation for losses and the resumption of operation of farms and industrial enterprises.

The attendees also defined the measures to early restore the economic potential of Akaltyn, Mirzabad and Sardoba districts of Syrdarya region affected by the failure of dam on the Sardoba reservoir. The heads of commercial banks, insurance, and appraisal companies were specifically instructed to provide targeted and operational support to business entities in the above areas.

They were assigned to accelerate the implementation of new investment projects in livestock, poultry and fish farming, as well as textile, silk and leather processing industries, which will restore economic activity in these areas and solve local employment problems.

Besides, they considered preliminary results of operation of the Working Group on the development of social and economic development program and effective use of available raw materials potential in Nurata, Tomda and Uchkuduk districts of Navoi region, as well as Pakhtachinsky district and the city of Kattakurgan Samarkand region.

The video-conference resulted in relevant decisions focused on strengthening of interdepartmental cooperation for the work with domestic entrepreneurs and exporters, as well as targeted instructions to accelerate work in priority areas.