Business development in Uzbekistan

Business development in Uzbekistan

 

Small and medium enterprises in Uzbekistan develop at a swift rate. A growing number of investors are attracted by the Republic. First of all this is guaranteed by peaceful environment in the region and reliability of the country.

 

Having estimated 189 countries according to their legal rules providing increase of entrepreneurial activities and norms limiting them the World’s Bank gave the 100th position to Uzbekistan in the field of protection of rights of minority shareholders and the country rose by 18 positions in comparison with the previous year. According to this criteria Uzbekistan outranked such countries as China, Luxembourg, Oman, Hungary, Vietnam, Qatar, etc. Regarding the index of protection of minority shareholders’ interests Uzbekistan got 8 scores out of 10.

 

The attaining of competitive power and entry into world markets may be provided by means of gradual structural transformations and diversification of the economy, provision of rapid development of new high-quality productions, fastening of modernization processes and technical renewal of operational capacities. With this end in view the Republic realizes the project “About the development priorities of the manufacturing industry in Uzbekistan within the agreed period of 2011-2015”. It stipulates for implementation of more than 500 big investment projects in industry sector worth a total of $50 bln.

 

In accordance with an established program of high priority measures on expansion of production and assimilation of new competitive production types it is planned to realize 270 investment projects at a total cost of $6.2 bln as well as sectorial programs of modernization, technical and technological re-equipping of manufacturing for the period of 2012-2016.

 

There is an unprecedented congenial investment climate and preference schemes for investors while business development in Uzbekistan. Its compelling evidence is a growth of foreign investments into the economy of the Republic every year. At the expense of foreign direct investments it is aimed to realize more than 70 capital spending projects in various sectors of economics. First of all, these are projects on opening of deposits of the Kandym group with construction of a gas processing plant, field development of Khauzak and Shady, conduct of geological studies of subsurface resources of crude hydrocarbons, building of ammonia and carbamide production center in the Navoi region, construction of cement factory in the Republic of Karakalpakstan, organization of manufacturing of fabrics and sewn products in the Tashkent region, enlargement of communication system, and industry engineering of prepared medical products.