Uzbekistan utilized 2.631 trillion soums of investments from all sources in the first half of 2007 or 52.2% to annual forecast, a publication of Economy Ministry and State Statistic Committee of Uzbekistan said.

The report, published in central mass media outlets, said the volume of utilized investments increased by 40.2% year-on-year in January-June.

The publication said decrease of tax burden and improvement of investment climate helped to attract more investments.

The government of Uzbekistan said 63.9% of capital investments were directed to production sphere in the reporting period, while 36.1% of investments went to non-production sphere.

The newspapers said 35.3% of investments were utilized in new constructions and 50.4% to modernization, reconstruction and re-equipment.

It said 46.9% of all foreign investments were used in new constructions, 26.2% in modernization, reconstruction and re-equipment and 26.9% to other directions.

The share of centralized sources of financing increased from 27.2% in the first half of 2006 to 27.6% in the same period of 2007.

The reports said the growth of investments due to foreign investments and credits, which made up US$416.7 million or up by 2.2 times year-on-year. Foreign direct investments grew by 2.4 times to US$308.9 million.

The share of foreign investments in total investments made up 19.8% and foreign direct investment comprised 14.7%.

Local economic entities increased their investments to economy by 29.7% year-on-year and its share in total volume comprised 44.5%.

About 155 new large and medium industrial enterprises were commissioned in the reporting period, including 117 new objects in March-June 2007.