On April 25 this year, Deputy Prime Minister - Minister of Investments and Foreign Trade of the Republic of Uzbekistan S. Umurzakov headed a video conference in a studio in Urgench dedicated to measures countering the economic results of the coronavirus pandemic and macroeconomic stability of the country through effective support to domestic entrepreneurs and exporters, who faced restrictions due to the current global epidemiological situation.

Top officials of the Ministry of Investment and Foreign Trade, the Ministry of Foreign Affairs, the General Prosecutor's Office, the Ministry of Internal Affairs, the Ministry of Finance, the Ministry of Transport, the State Tax Committee, the State Customs Committee, branch departments, industrial associations, specialized government agencies, commercial banks, heads of local authorities of the regions, the Republic of Karakalpakstan and the city of Tashkent, regional leaders of the internal affairs authorities and prosecutors, as well as the heads of diplomatic missions of the Republic of Uzbekistan abroad attended the meeting.

The agenda included interagency cooperation focused on targeted work with exporters and entrepreneurs aimed at comprehensive analysis of their business, identification of problems due to spread of coronavirus, and development of prompt solutions, including assigning of responsible executors and deadlines.

A discrete role was assigned to the Republican Commission for Export Potential Development in regions and industries. Its working groups regularly visit regions of the Republic to directly contact with entrepreneurs and exporters and quickly resolve pressing concerns. The operating efficiency of the Commission is defined by the fact that the identified problems are resolved in-situ through close coordination of actions of the responsible heads of government agencies and commercial banks.

Besides, the attendees noted that the study of economic potential of regions provides identification of inefficiently used or unused reserves for the development of industry and agriculture, increase of export potential and creation of new jobs. In view of this, the Center for the Development of Investment Projects under the Ministry of Investment and Foreign Trade develops promising project proposals within the specified time followed by involvement of initiators and investors, as well as selection of tools and sources of financing.

Video conference disclosed the need to intensify the activities of the Ministry of Foreign Affairs and diplomatic missions of the Republic of Uzbekistan abroad being an effective tool for interaction with international organizations, foreign business circles, investors and business partners of domestic business entities. The heads of diplomatic missions received instructions to ensure active participation in targeted support to entrepreneurs and exporters through deep analysis of market conditions abroad to search for new potential customers for domestic products, as well as establish cooperation with relevant departments in partner countries to solve problems faced by enterprises selling products abroad together with the heads of local authorities.

The attendees noted important stimulating role of commercial banks in support of entrepreneurs, since one of the most common problems of entrepreneurs in their current activities is the urgent need for additional financing and working capital to ensure stable production.

At the same time, the heads of commercial banks received instructions to establish systematic work on the development and implementation of investment projects in regions based on the Project Factory principle, which provides support of each project from its initiation to commissioning.

The video conference resulted in several decisions aimed at strengthening of interagency cooperation in interaction with domestic entrepreneurs and exporters. The targeted instructions included resolving of certain issues discussed during the conference by responsible heads of ministries, departments, local authorities, commercial banks and diplomatic representative offices abroad.