Govt plans friendly schemes for foreign investors

03 Nov '08

1 min read

Economy of Uzbekistan has been almost stagnant for past many years. However, since 2007 this country is being recognized as more open as well as trade friendly and is the fourth largest economy in the Commonwealth of Independent States (CIS). It is also one of key emerging consumer markets in the CIS.

Under the Government's 2007-2010 privatisation programme, opportunities to invest in large state-owned companies are also appearing.

Since the beginning of this year President Islam Kerimov has said that foreign investment is the key to improve the economy of the country.

Thus, he has now adopted investment program worth around US $1.864 billion for 2009.

Insiders reveal that of the total amount, about $481.75 million will be used for over 45 projects through foreign loans under the governmental guarantee.

Under this programme, $87.2 million will be spent through foreign direct investment in seven projects to update textile industry of Uzbekistan in 2009.

Meanwhile, a total of $1.061 billion of foreign investment will be spent to 17 projects in fuel and energy field.

The Chinese National Petroleum Corporation (CNPC) plans to invest $244 million in its construction in 2009.

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