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30/November/2021   Investments

MIFT: A new system for stimulating investment and foreign trade activities is being actively integrated in Namangan province


TASHKENT, November 30. /“Dunyo” IA/. Deputy Prime Minister of Uzbekistan Sardor Umurzakov held a meeting with the heads of local authorities of Namangan city and districts of Namangan region in charge of investment and foreign trade, reports “Dunyo” IA correspondent.

According to the MIFT, during the meeting, which was also attended by the head of Namangan region Shavkat Abdurazakov, the current indicators of investment and export activities in the region, the progress of the regional investment program, as well as the results of the measures taken to improve the industrial potential of the region were considered.

Particular attention was paid to the measures undertaken to introduce a new system of incentives to attract investment and export activities. The activities of project groups established in the region were reviewed. Main tasks of the project groups are to analyze the unused economic potential of the region, meaning unused land plots, buildings and structures, natural and infrastructural resources, to form strategies and concepts for development of districts and cities, to create high margin economically effective projects aimed at organization of production of high-tech products in demand and to establish industrial cooperation.

Participants of the meeting shared their personal experience in testing the new system on the example of specific cases and projects in the reporting areas and put forward their own ideas and suggestions for its effective use, taking into account the specifics of the region.

Detailed explanations were given on various aspects of the new system’s practical implementation, including issues related to the search for funding sources, selection of the most promising projects, as well as support for project implementation and monitoring of the activities of the production facilities put into operation. Specific algorithms to solve the identified issues were developed for individual projects.

The importance of intensifying work on the ground, direct interaction with the initiators of investment projects, manufacturers and exporters, and rapid solutions to the problems they face in their activities were noted.

Following the meeting, the responsible executives were given additional instructions and guidelines to improve the efficiency of work and accelerate the implementation of new mechanisms to support entrepreneurs in the region.

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