The investment climate of the Republic of Uzbekistan

Modern Uzbekistan is leading an industrial state in the region of Central Asia, providing stability and economic development of the region as a whole.

Among the advantages offered by the modern economy of Uzbekistan for foreign companies are political and macroeconomic stability, favorable natural and climatic conditions, hospitable and hardworking people and many others.

Access to a wide range of raw materials optimizes the cost of production by significantly reducing the cost of transportation of raw materials, provides an opportunity for in-depth processing with the production of products with high added value and localization level of more than 30%.

More than 2,800 deposits and promising manifestations of mineral resources have been identified in the republic of Uzbekistan, the total mineral potential of the country is about $ 3.5 trillion. In many positions, including non-metallic and metal minerals, agricultural raw materials, Uzbekistan occupies one of the leading places in the world. In particular, the reserves of copper-11th place, gold production-9th, uranium - 8th, cotton fiber-5th place.

The economy of Uzbekistan is one of the few in the world, which is characterized by absolute energy independence. The industry of the Republic is fully provided with natural gas, oil and oil products, coal, electricity. 188 oil, gas and condensate fields, 3 coal fields have been explored here.

Uzbekistan is among the top ten countries in terms of uranium reserves and production. Uzbekistan's total energy reserves are sufficient to cover the needs of the economy for at least 100 years.

The electricity produced in the country fully covers the growing needs of the Republic and at a cost of 4.5 times lower than the average price paid by industrial consumers in developed countries.

Additional opportunities are created by the unlimited potential of alternative energy sources, including solar, wind, derived from the processing of solid waste, which annually generate energy in the amount of more than 51 billion tons of oil equivalent.

An important supplier of raw materials for industrial production is agriculture. Due to favorable natural and climatic conditions, Uzbekistan has a rich agricultural potential: the Republic is the fifth largest producer of the most popular raw materials in the textile industry-cotton fiber, has the potential to produce more than 10 million tons of fruits and vegetables per year, annually supplies the market with up to 10 thousand tons of air-dry silkworm cocoons.

It should be noted that the work to attract investment is the structural transformation of the economy of Uzbekistan, modernization, technical and technological renewal of production.

In 2018, Uzbekistan invested $ 8.5 billion in investments with the World Bank, the European Bank for reconstruction and development, Islamic and Asian development banks and other international financial institutions.

Today, 456 projects worth $ 23 billion are being implemented in our country at the expense of foreign investments.

The experience of developed countries confirms that active investment policies are Central to their economic growth. Therefore, the socio-economic development of Uzbekistan should be fully reflected in its investment policy.

Active investment policy is one of the most important conditions for achieving sustainable development. Therefore, at the initiative of the head of our state, Uzbekistan was named the Year of legal investments and social development in 2019.

Uzbekistan plans to invest $ 7.83 billion in investment projects in 2019.

According to the decree Of the President of the Republic of Uzbekistan "on measures to implement the investment program of the Republic of Uzbekistan for 2019", 1.5 billion dollars will be allocated for the implementation of investment projects in 2019.

In 2019, Uzbekistan will receive 2.31 billion US dollars of foreign direct investment and $ 2.68 billion in loans, and $ 4.15 billion will be spent on the construction of new facilities, 1.45 billion US dollars will be modernized and reconstructed.

In 2019, investments in the energy sector will amount to 715.2 million dollars, Navoi MMC - 526.1 million dollars, Almalyk MMC - 184.6 million dollars, chemical industry - $ 457 billions, $ 1 million dollars, Uzmetkombinat -117 million dollars.

The total cost of the project is 56.02 billion dollars.

The experience of developed countries confirms that active investment policies are Central to their economic growth. Therefore, the socio-economic development of Uzbekistan should be fully reflected in its investment policy.

One of the main directions of the investment policy implemented in Uzbekistan is the following:

• >    striving to create legal conditions recognized by investors in industrialized countries that are consistent with international standards and conventions for investment;

• >    consistent implementation of the open door policy for investors, which will provide the country with world-class technologies and help to create a modern economy;

• >    assistance in investments in production;

• >    support the creditworthiness of the country;

• >    in some parts of the country additional investments should be included in social and ecological issues.

The experience of developed countries confirms that active investment policies are Central to their economic growth. Therefore, the socio-economic development of Uzbekistan should be fully reflected in its investment policy.

The investment program of the Republic of Uzbekistan is a set of socioeconomic and private business decisions, taking into account the General directions of domestic and foreign policy, determining the direction and location of investments in the country and abroad, in order to improve the economic efficiency of the use of funds. The growth of production capacity, the pace of economic growth, the increase in the volume and quality of production of material and spiritual values, as well as the development of its entire infrastructure largely depend on investment and investment programs. The investment program is the task of mobilizing public investment funds for the organization of production of material resources in the country. The organizational and legal aspect of this state policy is the activities carried out by its relevant bodies with the aims and objectives of this policy. The investment program also has an external part, which involves attracting foreign investment in the economy to solve the problems of accelerated economic development on the basis of modern technologies, technologies and organization of production. This problem can be solved by creating joint ventures, using foreign direct investment. In this regard, the issues of legal regulation of foreign investments are becoming increasingly important. An open and liberal investment program with clear, effective and vital compliance laws is a powerful tool to attract foreign investment. The development of such a policy should become one of the main tasks of the republic of Uzbekistan.