New approaches required to improve investment attractiveness of Uzbekistan – Senator
17/04/2017 00:23
New approaches required to improve investment attractiveness of Uzbekistan – Senator
17/04/2017 00:23
Tashkent, Uzbekistan (UzDaily.com) -- Cardinally new approaches required to improve investment attractiveness of Uzbekistan, First Deputy Chairperson of Senate of Oliy Majlis of Uzbekistan Sadyk Safaev said at the session of international press club in Tashkent.
Safaev underlined that Albert Einstein said that it is impossible to do the same thing over and over again, but expecting different results.
He said leadership of Uzbekistan determined 14 directions on creating favourable investment climate. Senator said currently the work is underway on implementation of them.
Senator said that it is necessary to liberalize currency market. He added that necessary evaluations are underway.
He said that there is understanding that it should be done and there is political will. He said that main issue is to minimize negative impact on this to public segment.
Senator said that liberalization of currency, as economy, always has its own price. At the same time, he said that delay or lack of reforms has a much higher price.
Sadyk Safaev underlined importance of improving banking system. He said that the banking system did not become a truly effective tool for attracting investment and raising funds for the subsequent direction in the economy.
He said that Uzbekistan should develop securities market. Safaev said that, unfortunately, the market practically does not exist as the factor of internal investments, despite there is huge potential for developing and realizing economic projects.
Leadership of Uzbekistan pays attention to regional policy. Senator said that the country has uneven distribution of investment flows. According to him, the investment flows are concentrated mainly in four areas.
Senator said this is connected with such issues as cadres and necessity to change status of local state bodies. Safaev underlined it is necessary to changes to the law on local state bodies to determine their authorities on attracting investments.
He said that sustainable supply of electricity and access to ICT are remaining the problem. Without these, it is impossible to attract investments, Safaev said.
Sadyk Safaev said that Uzbekistan will realize a new project “Investment climate of Uzbekistan” in cooperation with the UNDP and the World Bank
The project will help to solve three packages of issues, including changes to legislation, regulation policy (customs, tax policy and visa policy) and various scenarios of liberalization of currency market.
Safaev underlined that important moment is joint study negative and positive experience of other countries to familiarize them with those, who will conduct these reforms in Uzbekistan.
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