Ministry of Investment and Foreign Trade pay visit to Andijan region

Tashkent, Uzbekistan (UzDaily.com) -- A working group of the Ministry of Investment and Foreign Trade visited Andijan region, during the trip the leadership familiarized with the activities of employees in the region, local problems and topical issues that require operational solutions.

The need for a systematic approach to formation of investment proposals based on a number of factors was highlighted: investment capacity, raw material potential, economic specifics and the transport infrastructure of the region.

Along with this, one should understand the ultimate goal of an active investment policy: increasing export of finished products with high added value with a concomitant decrease in the import of these goods, stabilizing the foreign trade balance.

Moreover, the Minister stated that the mechanism for attracting investments cannot function effectively without continuous and operational interaction of regional state authorities, sectoral departments and ministries and diplomatic missions of Uzbekistan abroad, while their scattered actions negate all efforts and lead to loss of money and funds of investors, causing damage to the country’s business image.

Many of the regional specialists expressed opinions that hasty and subjective decisions regarding the location of the object or the timing of the completion of its construction and launch without reference to real conditions and prerequisites negatively affect the progress and speed of the project and its economic efficiency.

To synchronize the actions of the staff of the Ministry of the Central Office and regional divisions, the prospect of introducing modern information and communication technologies and developing interactive web resources was discussed with reference to the current databases on investment attractiveness and export potential of the country by region, industry and direction.

It is also planned to actively use the practice of rotation of employees of the central office, regional divisions and trade and economic advisers at diplomatic missions abroad, which will allow comprehensively and consistently examine the process of attracting a foreign investor and selecting the optimal investment proposal taking into account its needs and possibilities.