President of Shavkat Mirziyoyev Uzbekistan signed this week a resolution on the streaming of the activity of Ministry of investment and foreign trade, created a few days ago by merging the Ministry of foreign trade and the State Committee on investments.
The resolution highlights the measures, aimed at improving the efficiency of attracting foreign direct investments, ramping up its export capacity and improvement of investment environment in the country.
New agencies under the Ministry of investment and foreign trade of Uzbekistan
Three new agencies have been established under the Ministry of investment and foreign trade of Uzbekistan (hereafter referred to as ministry).
1. Council on tariff and non-tariff regulation;
2. Agency for attracting foreign investment, which will provide information and legal support to foreign investors;
3. Agency for technological development, which will attract and promote the introduction of advanced foreign technologies into production of goods with high added value on the basis of local raw materials. The agency will also render state support of developers of advanced technologies.
Standard investment contact and antimonopoly
Within two months, Uzbekistan will develop standard investment contract, as well as procedures for their development and signing. The ministries of finance, justice, economy and industry and the antimonopoly committee will be involved in this work.
The standard investment contract has to incorporate mechanisms, preventing the inclusion of exclusive provisions and preferential rights, potentially leading to dominant position in the market.
One-window for investors
From 1 July 2019, Uzbekistan will start to service foreign investors on one-window operation system.
This means single server for advising potential investors, supporting them in obtaining public services, including connection to the engineering and communication infrastructure, as well as assisting in the conclusion of investment contracts.
Involvement of the heads of provincial administrations in foreign trade activities
Khokims of the regions (heads of provincial administrations) and mayor of Tashkent on a quarterly basis will submit to the Ministry analytical materials and reports on the work done to attract foreign direct investment and advanced technologies into the basic sectors of the economy and infrastructure development.
Free business training courses on foreign trade and export basics
Tashkent-based republican center for entrepreneurship training will organize free courses for teaching businessmen in the basics of foreign trade and exports.
Subsequently, such courses will open at the centres for the promotion of entrepreneurship, which operate in all provinces of the country.
The Chamber of Commerce and Industry will launch training programs jointly with the Ministry, the State Customs Committee, the State Inspectorate for plant quarantine and other responsible ministries.
In parallel, raising awareness campaign will be held by mass media. Television and state-run news agencies will prepare a series of programs talking on the organization of production, certification, transportation and sale of export products.
Wholesale centers of Uzbek products abroad
The government has been asked to take measures within three months to open wholesale and distribution centers abroad on the basis of public-private partnership. The step is aimed at arranging steady export of Uzbekistan’s products in regional markets.
Investment map of Uzbekistan
The Ministry of investment and foreign trade has been ordered to develop an interactive investment map of Uzbekistan by 1 June 2019.
The map will provide potential investors with the information on productive profile of each province; demand for the investments; specific projects.
Uzbek diplomatic missions to be engaged in market monitoring
Foreign diplomatic missions of Uzbekistan will also join the market monitoring through the study of market needs in the hosting countries and requiring necessary data from the authorized bodies.
Reasoning from the analysis of foreign markets, the Ministry of investment and foreign trade will annually compile a list of countries and products in demand for the follow-up activities on offering Uzbekistan’s export items.
FDI in Uzbekistan
In 2018, according to the abolished State Committee on investments of Uzbekistan, the total volume of absorbed FDI in the country amounted to US $ 2.4 billion.
This figure is projected to rise to about US $ 4.1 billion in 2019.
In addition to the oil and gas industry, the realization of major projects in light industry, metallurgy, agriculture, food industry is expected.
Last year, summit talks and state visits of the president of Uzbekistan have resulted in striking 1,080 deals worth over US $ 52 billion.
/// nCa, 4 February 2019