The project aims to support the Senate of Oliy Majlis of the Republic of Uzbekistan and other ministries and agencies of Uzbekistan to implement the Action Strategy on five priority directions of development of Uzbekistan adopted by the Government for 2017-2021.
In particular, in line with the third direction of the Strategy ‘Priority areas of development and liberalization of the economy’ the Project will provide its support in improving the investment climate to attract foreign direct investments to the economy and the regions to create jobs. The Project will also serve as a platform to coordinate the efforts of other donors and international organizations in this priority area.
Activity 1. Based on the international best practices development of proposals for further improvement of the legal framework for attracting foreign investments into the country, as well as analysis of scenarios of economic liberalization with an assessment of their impact on various segments of the economy and society.
a) Analysis and development of proposals for further improvement of the national legislation in the sphere of attracting foreign investments.
- Systematization and institutionalization of investment policy measures to reduce the costs of doing business and encourage the flow of investment into the economy and regions of the country to generate new employment opportunities;
- Studying international best practices in the field of business and investment related legislation, developing proposals in close cooperation with stakeholders to adapt legislation, and submitting these proposals to the Government;
b) Analysis and development of proposals for further improvement of the institutional framework for attracting foreign investment
- Support in development of clear criteria and transparent procedures for administrative decisions with respect to investment screening and approval;
- Support to the process of further clarification of roles and accountabilities between different levels of government and among agencies;
- Support to monitoring of progress against key performance indicators (developed on the basis international indices) of government agencies and the economy.
c) Support in formulation of medium-term economic development scenarios, economic liberalization policies, and assessment of their impact on various segments of the economy and society, development of measures to minimize their possible negative impact;
- Strengthening the capacity of national partners to use the results of economic analysis in medium-term planning, forecasting and results management.
Activity 2. Support in strengthening capacities of members of the Parliament and specialists of government agencies in the field of attracting investments, as well as raising awareness of the general public about the reforms in this area.
a) Support measures on improvement of skill of key government agencies in the sphere of investment attraction.
- Organization of training events, seminars with the participation of international experts to strengthen the capacity of national partners in attracting foreign investments;
- Organization of round-tables, seminars to discuss analytical materials prepared by the Project, as well as by international experts with the purpose to expose national partners to the best international experience and practices, as well as to strengthen their knowledge on key aspects of reforms.
b) The dialogue platform is supported with participation of national and international partners to discuss and validate key reform proposals.
- Support provided to conduct investment forums to identify problems and find solutions;
- Support provided to assess progress in investment attraction at meetings with investors, and development of proposals to accelerate reforms where necessary.