This was announced during parliamentary hearings on realization of the Programme of measures on implementation of important projects in modernization and re-equipment of production for 2009-2014. The programme was adopted in line with presidential decree No. 1072 from 12 March 2009.

During discussions at the Legislative Chamber of Oliy Majlis of Uzbekistan, it was noted that the programme includes 885 investment projects with total cost of US$42.5 billion.

Currently, Uzbekistan successfully implemented 303 projects with total cost of US$1.9 billion. Some 22 large production projects in oil and gas, chemical, metallurgy, machinery and construction industries were commissioned. About 480 small enterprises started their operation in such sectors as construction materials, light and food industry.

Uzbekistan continued to implement investment projects in 2010 as well. In line with approved programmes, some 668 projects with total cost of US$39.8 billion in equivalent are realized in 2010. Forecasted volume of attracted investments in 2010 will make up US$5.9 billion in equivalent.

In nine months of 2010, Uzbekistan implemented 156 projects with total cost of US$789.3 million. In particular, Uzbekistan completed project on production of Chevrolet Spark, construction of Dekhanabad Potash Fertilizers Plant.

Construction of mining-metallurgy enterprises, uniting gold fields Kokpatas and Daugyztau, project on introduction of granulation process of ammonium nitrate with adding phosphorite at Navoiazot, organization of production of encapsulated glass for automobile industry at Ferghana Autoglass were also implemented.

Uzbekistan paid a great attention to localization programme. In particular, share of localized products in industrial production made up 14.8% in January-May 2010 against 13.2% in the same period of 2009. Estimated import-replacement effect made up US$1.282 billion, which is up 22% year-on-year.

Participants underlined that creation of favourable investment climate and stable and dynamic growth of economy of Uzbekistan were main factors for speeding up structural reforms. Uzbekistan attracted investments for US$6.4 billion in 2009 due to all sources, including US$3.5 billion of foreign direct investments. At the same time, over half of investments were directed to modernization and technical re-equipment of enterprises, oriented for production of goods and services.

Participants said that Uzbekistan also paid attention to diversification of investment sources by the country. In the result, the country attracted foreign direct investments of large companies and such countries as Oman, Hungary, Slovakia, Singapore, Indonesia, the UAE, and others.

In the results of the hearing, participants underlined necessity:

• To improve legislation and normative base to simulate inflow of external investments, in particular through adoption of new laws and introduction of changes and amendments to existing legislative acts, taking into account modern stage of development of economy and tasks on modernization and re-equipment of production capacities;
• To develop new edition of Customs Code of Uzbekistan, envisaging new model of interaction between participants of foreign economic activity and customs body and directed at integration of economy of Uzbekistan to global markets through simplification of customs procedures and deepening cooperation with businesses.
• To foster works on developing and introduction of by-laws, including based on requirements of such laws as “On free economic zones” and “On technical regulations”;
• To improve single system on providing information of foreign investors on existing legislation base and implementation of investment projects in various sectors with their participation, as well as system on stimulating enterprises, conduction modernization and re-equipment of production capacities, producers of export-oriented and import-replacing products, decreasing prime cost and energy consumption.