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NEWS AND EVENTS
March 28, 2012
Businesslike Approach
Uzbekistan plans to complete more than 270 investment projects this year.

National Press Center of Uzbekistan has hosted a press conference on progress of priority investment projects.

In 2011, capital investments from all sources of funding in the country exceeded $10.8 billion, which was 11.2% more than in 2010. The share of investment in GDP was 23.9% which tells about boosting investment processes in the country. Manufacturing sector of the economy attracted nearly $2.9 billion of foreign investment, of which 78.8% in direct foreign investment.

The share of domestic sources such as the national budget, extra-budgetary funds and the Fund for Reconstruction and Development, enterprisesí own funds, loans from commercial banks and public funds continues to be high in the total volume of investments and exceeded 73% of all investments drawn over the past year. Foreign sources accounted for 27%.

Experts say investment activity was primarily stimulated by low single tax payment rate for micro and small enterprises which had been decreased in 2011 from 7% to 6% and thus allowed them to channel some 80.3 billion soums (Exchange rate of CB 1USD-1843,50 soums) of the released funds toward technological renovation and the introduction of new and modern technology.

Active investment policy allowed Uzbekistan to put into service tens of modern enterprises. Among them are such new high-tech projects as engine factory GM Uzbekistan Powertrain and automobile generator and compressor factory, a number of energy-saving lamps manufacturing projects, assembling of Samsung-branded washing machines at Zenith Electronics, production of household gas stoves, air conditioners, vacuum cleaners and other products. Also, last year a leading bus and truck manufacturer MAN opened a new dealer office for its assembling complex in Samarqand region.

Such major projects as the construction of combined cycle plant at Navoi TPP, the third gas pipeline Uzbekistan-China, development of Kandim deposit with the construction of a modern gas plant are currently in progress.

Another big project is a free industrial economic zone in Navoi, which made home for newly created enterprises manufacturing speedometers, automotive wiring, compressors, digital TV tuners, lights, LED lamps, DSL modems, polyethylene and polypropylene pipes, cosmetics, and medical products destination.

As part of construction and reconstruction of the Uzbek National Highway, Uzavtoyul reconstructed 302.5 kilometers of roads and covered with modern coating. Airports in Tashkent and Bukhoro have rebuilt their local flights passenger terminals.

Uzbekistan Railways launched last year a new high-speed passenger trains Afrosiyob and carried out large-scale modernization and improvement of rail infrastructure along the route Tashkent-Samarqand. Also, the national rail carrier rehabilitated 600 km of rails, laid 68 km of new railway lines, renovated and equipped railway stations in Tashkent and Samarqand.

As part of the Investment Program, in 2012 Uzbekistan plans to complete more than 270 investment projects. Among them are construction of combined cycle plant at Navoi Thermal Power Plant and more than 25 textile factories, including a spinning mill at Shovot Textile in Khorazm region with the design capacity of five thousand tons of cotton yarn, a textile complex in Tashkent region (1st stage ), expand capacity of Bulut Textile in Quqon, Farghona region.

The implementation of major investment projects in the industry will ensure positive dynamics of industrial production with high added value based on the deep processing of domestic raw materials and natural resources, providing an average annual growth in industrial production in 2011-2015 at the level of 109-112%, and increased share of industry in GDP from 24.1% in 2011 to 28% by 2015 and exports of industrial products in total industrial output from 42.3% in 2011 to 63.2% in 2015.( Source: Uzbekistan Today Newspaper)


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