Tashkent, Uzbekistan (UzDaily.com) -- On 30 August 2022, at an expanded meeting of the Senate Committee on International Relations, Foreign Economic Relations, Foreign Investments and Tourism, information was heard from the Ministry of Investments and Foreign Trade (MIFT) on the implementation of the road map signed following the visit of the Prime Minister of Hungary Victor Orban to Uzbekistan on 29-31 March 2021.

The event was attended by senators, deputies of local councils, heads of relevant ministries and departments, state companies, public associations, representatives of local authorities, and the media. The discussion was also attended by the Ambassador of Uzbekistan to Austria (concurrently in Hungary) A. Fayzullaev.

It was noted that, together with Hungary, it was planned to implement 26 agreements totaling US$134 million. Attracting these investments made it possible to start modernizing enterprises in the food and construction industries, the municipal infrastructure of the regions, as well as commissioning new industrial enterprises. Based on the results of the study of projects by senators and deputies kengashes on the ground, meetings with investors, facts of non-fulfillment and serious delays in the execution of a number of investment projects and export contracts were revealed.

During the hearings, the implementation of the "road map" was critically analyzed, and an assessment was made of the activities of the responsible departments and regions. In particular, for various reasons, 6 investment projects totaling US$23 million are behind schedule. Also, due to the inaction of a number of ministries and departments, as well as poor-quality study of projects 5 of them in the amount of US$100 million were considered unpromising. The State Committee for the Development of Veterinary Medicine and Animal Husbandry, the khokimiyats of Ferghana and Samarkand regions were listed as responsible for the implementation of these projects.

At the same time, the senators drew attention to the still remaining systemic problems hindering the effective implementation of investment projects and trade agreements. In particular, the high level of bureaucracy, which is expressed, among other things, in the inadequate provision of phased and timely development of project documentation, leads to a delay in the opening of financing, disbursement of funds and, as a result, the timely commissioning of production capacities.

There is an insufficient level of control by the deputies of local Kengashes of people’s deputies, the irregularity of reports of the relevant deputy khokims on investment issues. Following the meeting, a corresponding decision of the Senate Committee was adopted, containing specific measures to eliminate existing shortcomings.