Ministry of Economy and Industry of Uzbekistan established

Tashkent, Uzbekistan ( -- The Ministry of Economy and Industry was established in Uzbekistan. The new ministry is created on the basis of the Ministry of Economy.

President of Uzbekistan Shavkat Mirziyoyev signed a decree “On measures to fundamentally improve the system of implementing state policy in the sphere of economic development”, which envisages creation of the Ministry of Economy and Industry.

The Ministry of Economy and Industry will analyze and forecast macroeconomic indicators, as well as develop proposals for the introduction of market mechanisms for managing the economy and forming strategies for the development of its main industries.

The new ministry will stimulate development of private entrepreneurship and create favorable conditions for improving the business environment and reducing the share of the “shadow” economy.

The Ministry of Economy and Industry will develop strategies (models) for development of the country’s industry based on the rational allocation of production forces and the effective use of the existing natural and economic resources of the regions.

The Ministry will implement measures to ensure the balance of commodity markets and develop strategic directions for the development of foreign economic activity in order to increase the export potential of the national economy, etc.

The Ministry of Economy and Industry is determined as the authorized state body for development and implementation of state policy in the field of socio-economic and industrial development of the country, as well as the strategy of the investment policy of Uzbekistan.

The decree notes that state development programs and investment programs of Uzbekistan are developed taking into account the strategy of the country’s investment policy for the medium term.

The Ministry of Economy and Industry will form an investment policy strategy for the medium-term within the framework of the Concept of socio-economic development of Uzbekistan until 2030, regional and sectoral development concepts, as well as approved programs and decisions of the president and the government.

The Ministry of Economy and Industry of the Republic of Uzbekistan may contract on a contractual basis consultants and experts, including foreign ones, as well as technical assistance funds and grants to study and implement international best practices in developing strategies for investment and industrial policy, organizing retraining and advanced training of employees. ministries and its structural divisions, as well as conducting research on topical issues of socio-economic and industrial development, investment strategy formulation.

According to the resolution of the President on organization of the activities of the Ministry of Economy and Industry, the Center for Complex Expertise of Projects and Import Contracts was transferred from the National Project Management Agency to the Ministry of Economy and Industry.

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