On June 10 this year, a Working Group headed by Deputy Prime Minister of the Republic of Uzbekistan S. Umurzakov including the representatives of ministries, departments, industry associations and commercial banks visited Bukhara region. They reviewed the progress in mitigating the effects of the hurricane in Zhondor, Karakul and Alat districts, as well as in supporting local entrepreneurs and exporters, developing of domestic labor and employment providing.
During the review, the participants heard the reports of the heads of relevant companies on measures taken to restore damaged greenhouses, reimburse entrepreneurs for damages from insurance companies and provide financial support through the additional preferential credit resources by commercial banks to accelerate the restoration of enterprises. In addition, considering the industries and commercial banks, the participants analyzed the current state of new investment projects and existing issues thereof. The analysis of each project enabled prompt development of effective measures to solve existing problems and define arrangements for their implementation by the executive officers.
The stimulation of economic activity in the region defined a priority area such as the implementation of projects aimed at development of entrepreneurship and organization of opportunities for domestic labor based on large industrial enterprise, including textile ones. At the same time, there was an instruction to pay a particular attention to mechanisms increasing the income of population focused on small and medium-sized businesses projects.
In view of this, the heads of commercial banks, as well as structural units of the Central Office of the Ministry of Investment and Foreign Trade were assigned to each district and city of Bukhara region. Their main goal was to thoroughly review the economic potential and develop new promising investment projects.
Heads of regional sectors of districts and cities received notifications on personal responsibility for the timely implementation of projects under the integrated regional development programs. Besides, the heads of the relevant ministries and departments were instructed to develop measures to enhance these projects, as well as to propose on the new investment initiatives through a thorough analysis of the available opportunities locally.
The participants separately considered the progress in operation of commercial banks on the development and implementation of investment projects in Bukhara region within 4 areas promising in terms of attraction of local population to domestic labor: pottery, viniculture, growing pomegranates, and seedlings of fruit and decorative trees. Here, the heads of relevant banks received instructions to propose on implementation of new investment projects under the above areas, using the experience of Rishtan, Altyaryk and Kuva districts of Fergana region.
They discussed the organization of Project Factory in Bukhara region focused on systematic increase of a number of promising investment proposals with reference to the cities and districts of the region. This framework providing active involvement of gifted youngsters and countrypeople living and having a business abroad, will also enable physical examinations of the economic opportunities of regional cities and districts, as well as identification of growth points being the basis for the new promising investment proposals.
Following the meeting, the executive officials of the ministries, departments, sectoral economic associations, commercial banks, and local authorities received targeted instructions specifying exact terms and expected outcomes. The General Prosecutor's Office of the Republic of Uzbekistan will monitor the timely and high-quality implementation of these measures and instructions.
