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New rules for reconciliation of investment proposals approved in Uzbekistan

12 August 2014

Starting from October 1, 2014 investment proposals and passports of the projects involving foreign investment and loans will be coordinated in the bodies of state administration in E-form through the system of "Unified electronic database of investment proposals" of the Ministry of Foreign Economic Relations, Investments and Trade of Uzbekistan.

The decree of the Cabinet of Ministers "On measures to improve the mechanism of coordination of promising investment proposals and the process of attracting of foreign investments and loans" states this.

"The document was adopted in order to improve the efficiency of the process of attracting foreign investments and loans by the introduction of modern information and communication technologies," the preamble of the document says.

The government also approved a scheme of interaction between project proponents and authorized governmental bodies via a unified electronic database in the process of coordination of investment proposals and project certificates, which provides the attraction of foreign investments and loans.

According to the scheme, project proponents must fill in the special form of investment proposal and passport project in a unified electronic database. Projects are sent to the ministries and agencies for approval.

Approved projects will be published on the website of the "Uzinfoinvest" agency.

In 2013, the volume of completed foreign investments in Uzbekistan increased by 19 percent, compared to a 3.02 billion $ increase in 2012, official statistics say. The volume of foreign investments under the guarantee of the government amounted to $ 820 million (1.6 times), while the volume of direct investments made up $ 2.2 billion (a nine percent increase).

In 2014, Uzbekistan plans to draw foreign funds in the amount of $ 3.9 billion on 166 investment projects. In particular, 1,214 billion on 74 projects at the expense of investments guaranteed by the government, and 2.67 billion dollars on 92 projects at the expense of direct foreign investments are planned to draw.