VI Tashkent International Investment and Financial Forum took place in Tashkent.

It was organized by the Saipro information and rating agency, together with the Ministry of foreign economic relations, investments and trade of the Republic of Uzbekistan and Uzinfoinvest agency.

One of the most important factors in ensuring macroeconomic stability and sustainable economic growth of our country, despite the ongoing global financial and economic crisis, is an active investment policy, aimed primarily at accelerated development and wide-scale economic modernization. This was the main theme of the Tashkent International Investment and Financial Forum.

The forum, held for the sixth time, has become one of the largest mediums for interactive communication among investors in Central Asia. Around 600 representatives of domestic and foreign insurance companies, leasing, accounting and investment firms, financial institutions and rating agencies, ministries and agencies, public organizations participated at the event.

Minister of foreign economic relations, investments and trade of Uzbekistan E. Ganiev, Minister of economy G. Saidova, Deputy Speaker of the Legislative Chamber of Oliy Majlis of Uzbekistan B.Yakubov, CEO of Saipro information-rating agency R.Juraev and others pointed out that under the guidance of President Islam Karimov starting from the first years of independence the country has paid special attention to creating a favorable investment climate. Thanks to this, today investment attractiveness of Uzbekistan is explained by huge sales market and advanced transport infrastructure, by prospects of investment, trade and economic cooperation. National investment law is one of the most advanced among the CIS countries and has incorporated the main provisions of international investment law, in particular the provisions guaranteeing the rights of foreign investors, the provision of certain preferences for investors.

As a result, only in the first quarter of 2013 investments grew by 7.2 percent, including foreign investments by 35.5 percent. 587 manufacturing facilities have been commissioned and 114 new investment projects worth 4.3 billion US dollars have been launched.

As highlighted at the forum, Navoi and Angren free industrial-economic zones have a special place in implementing modernization projects of production capacity.

Thus, since Navoi FIEZ’s inception 12 enterprises were built and put into operation, were goods for almost 80 billion soums were produced last year. 7 more high-tech projects, such as production of battery wires, automobile gas tanks, cellular and fixed-line phones, modems, and Internet platforms are underway.

Given the importance of utilising production and resource potential of the Tashkent region, the Angren special industrial zone was set up. Enterprises - participants of the Angren SIZ are provided extensive range of tax and customs privileges and preferences for a period of 3 to 7 years, depending on the amount of investment.

Creation of free zones marks a new step in implementing the policy of regional development and locating high-tech production lines, oriented to foreign markets, and organizing modern logistics and transport infrastructure.
- Our company has been operating in the Uzbek market since 2008, says the head of the representative office of Korean Air in Uzbekistan Lee Dong-soo. - I would like to note that Uzbekistan has a stable economic development and attractive investment policy. Projects for the construction of residential complexes in the Navoi and Angren free economic zones are within our interests and we look forward to a fruitful partnership in this area.

In order to ensure implementation of strategically important investment projects aimed at organizing new modern productions, modernization, technical and technological renovation of enterprises, accelerated development of transport, engineering, communications and social infrastructure, creating new jobs, a resolution “On investment program of the Republic of Uzbekistan for 2013" was signed by President Islam Karimov on 21 November 2012.

It provides for implementation of over 370 strategic projects. 75 percent of 13 bln US dollar funding for these projects will be sourced from domestic funds and the rest is expected to be financed by foreign investment.

The forum focused on developing cooperation is such spheres as oil and gas, petrochemical and chemical, telecommunications, fuel and energy complex, machine building, metallurgy, mining, pharmaceuticals and others. VI Tashkent international conference on insurance and reinsurance and II Tashkent International Conference on banks, leasing and portfolio investments were also held within the framework of the forum.

Source: uza.uz