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Uzbekistan promotes 2019 as year of investment in backdrop of wider business with India

Uzbekistan Shavkat Mirziyoyev in his annual address to the Parliament on Friday announced 2019 as the ‘Year of Active Investment and Social Development’ in the backdrop of proposed investments from India to boost economy of this Central Asian country.

He said that it would be a logical continuation of activities that begun in 2018 under the program of the ‘Year of support of active entrepreneurship, innovative ideas and technologies’.

The President outlined large-scale plans and important tasks in this direction. According to him, concrete measures will be taken on creating an open economy, radically improving the business environment and investment climate, reducing the state presence in the economy. Activities on improving the health of the population will continue at a new level.

India has been invited to make large scale investments across sectors in Uzbekistan taking advantage of economic reforms and SEZs.

“We will achieve accelerated development of our economy only by actively attracting investment, introducing new production capacity. Positive results in the economy will allow to consistently solve the accumulated problems in social sphere”, said President Mirziyoyev.

He further stressed that investment was the driver of economy, new technologies, advanced experience and highly qualified specialists come with investments into all sectors and regions.

The Uzbek President pointed out that the society, each and every person, and the executives must transform themselves so the reforms being undertaken gave positive results. “If a person changes, the country changes too”, he stressed.

"Our highest goal is that every person in Uzbekistan, regardless of the nationality, language and religion, lived freely, in peace, prosperity and happiness”, said Mirziyoyev.

He also informed that in 2018 Uzbekistan implemented 76 thousand projects worth 21 trillion Uzbek soums (UZS) and 1 billion USD. Real incomes of the population increased by 12 percent compared to 2017. Part of tax revenues that exceeded the forecast parameters remains at the disposal of local budgets, due to which the regions received an additional 5.5 trillion UZS. This is 6 times more compared to 2017 and 32 times more than in 2016.

More than 2,600 business projects have been implemented at places within the framework of “Every family is an entrepreneur” and “Youth is our future” programs. 416 villages acquired a new look as a result of “Prosperous village” and “Prosperous neighborhood” programs.

(Source: Economic Times, December 28, 2018)