The President of Uzbekistan approved the state program for 2019

Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed a decree “On the State Program to Implement the Action Strategy on Five Priority Development Areas of the Republic of Uzbekistan in 2017–2021 in the “Year of Active Investment and Social Development”.

The document notes that the projects for 16.9 trillion soums and US$8.1 billion in 2019 will be implemented within the programme.

The document reflects specific steps, which will be taken this year in such areas as improving the state and social construction system, the rule of law, reforming the judicial system, developing and liberalizing the economy, developing the social sphere, ensuring security, religious tolerance and interethnic harmony and the implementation of a balanced, mutually beneficial and constructive policy.

According to the Program of the Year, it is proposed to introduce the practice of approving members of the Government by the Oliy Majlis, and the heads of territorial state bodies - by the respective Kengashes of people’s deputies.

The document focuses on development of the economy and attracting active investment. In particular, there are a number of large-scale measures aimed at fundamentally modernizing the country’s economy, ensuring consistency of intergovernmental relations, price stability for consumer goods, introducing new mechanisms to attract foreign direct and local investment, and ensuring the effectiveness of the reforms being carried out.

These include the full implementation of the modern system of national accounts from 1 January 2020, and until 1 September 2019, the development of a new version of the Tax Code, which provides for the abolition of tax exemptions and preferences, the development of the National concept of the digital economy, the reforming and accelerated development of the insurance market and the development of new version of the Law "On Insurance".

The Program envisages work to increase the country’s international sovereign credit rating and its entry into the global competitiveness rating by combating the “shadow economy” and drastically reducing its share in GDP.

The Expert Council under the President of Uzbekistan is being established to provide consulting and expert support for the reforms, as well as to develop proposals on current issues of reforming public and state life, developing the social sphere and economy, including improving the investment climate in the country.

The council will include businessmen, prominent government and public figures, scientists, including from among citizens of foreign countries and compatriots living abroad.

According to the document, a direct investment fund with a capital of US$1 billion is being created in Uzbekistan.

The fund will attract foreign direct investment and innovative technologies in expanding the production potential, as well as further enhancing the competitiveness of the republic’s economy.

The Fund will stimulate and develop investment activities through the formation of long-term mutually beneficial partnerships with private domestic and foreign investors.

The Fund will also evaluate investment proposals, as well as develop and implement investment projects. A management company of the Fund is created with a 100% state share and an authorized capital of US$5 million.

The document notes that from 1 March an “investment visa” is being introduced in Uzbekistan for the founders and participants of enterprises with foreign investments and their family members.

The document also pays special attention to ensuring openness of the activities of state bodies, increasing the efficiency of their work, improving legislation, and eliminating gaps in this direction.

It is planned measures to assist people in need of housing, material assistance to the poor, in particular, the provision of preferential housing, protection of public health.

The program approved priority areas in the field of security, interethnic harmony and religious tolerance.

It should be noted that within the framework of the State Program for 2018, 76,000 projects were implemented in the amount of 21 trillion soums and US$1 billion.