Tashkent, Uzbekistan (UzDaily.com) – President of Uzbekistan Shavkat Mirziyoyev held a meeting on 27 February on attracting investment and developing industry.

In recent years, as part of industry programs, foreign direct investment in the amount of US$31 billion has been attracted. As a result of their development over the past 5 years, the volume of industrial production increased by 1.4 times, and exports by 1.5 times.

In order to ensure stable economic growth in the next five years, it is necessary to increase industry by another 1.5 times and bring exports to US$30 billion. This requires US$120 billion of investment, including 70 billion dollars of foreign investment.

This can be achieved through the implementation of a coherent investment, industrial and export policy. Therefore, in accordance with the Decree of the President "On measures to implement the administrative reforms of New Uzbekistan", the Ministry of Investment, Industry and Trade was created.

The meeting determined the important tasks facing the ministry based on the situation in the global economy and financial markets.

The task was set to master this year foreign direct investment in the amount of US$11 billion, to establish targeted work with large investors. The importance of strengthening economic diplomacy and the role of diplomatic missions abroad in attracting investment was pointed out.

By the end of the year, it is planned to launch 304 large and 3,000 regional projects. Based on their results, production for 10 trillion soums will be organized.

The head of state gave instructions on using additional reserves in industries and regions, reducing the cost of production to increase its competitiveness.

The necessity of attracting foreign consultants and turning special and small industrial zones into "drivers" of regional development, concentrating newly created industries in them, was emphasized.

The importance of mastering the production of new types of products in such industries as the textile, leather industry, building materials industry, electrical engineering, food industry, pharmaceuticals and jewelry, entering new markets by attracting world brands was noted.

It was instructed to intensify the work of project teams to develop and promote new project proposals among investors.

Issues of attracting investments in the social sphere were also discussed at the meeting. An instruction was given to form priority projects within the framework of programs for the development of education, healthcare, drinking water supply and road infrastructure.