The Uzbekistan Ministry of Economy has been reorganized into the Ministry of Economy and Industry. This is provided for by the President’s Measures to Fundamentally Improve the System for Implementing the Economic Policies Decree.
The decree is aimed at the transformation of economic bodies into the “locomotive” of Uzbekistan’s socio-economic development and introducing of market mechanisms for economic management.
The current structure of economic bodies, the principles and methods of their work are said not to be meeting modern requirements for an economic management system, as well as structural changes in economic sectors.
The Ministry of Economy and Industry has been determined as the authority responsible for preparing and implementation of the government policies in the field of socio-economic and industrial development, as well as the Uzbekistan’s investment strategy.
The decree established that Uzbekistan’s development and investment programs are developed taking into account the Uzbekistan’s medium term investment strategy.
The medium-term investment policy strategy is formed by the Ministry of Economy and Industry within the framework of the Uzbekistan’s Socio-Economic Development Concept until 2030, regional and sectoral development concepts, as well as approved programs and decisions of the president and the government. The final concept must be prepared before June 1.
In line with the decree, waivers and privileges provided for participants of small industrial zones have been abolished (waivers for current participants shall remain until 1 January 2020).
