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India Among Top Investors as Uzbekistan Starts 908 Projects Worth USD 1.7 to Solve Employment, Housing Issues

India and Uzbekistan had signed an agreement for a line of credit of $200 million from India for financing housing and social infrastructure projects in Uzbekistan.

News18.com

Updated:May 19, 2019, 11:43 AM IST
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India Among Top Investors as Uzbekistan Starts 908 Projects Worth USD 1.7 to Solve Employment, Housing Issues
Uzbek President Shavkat Mirziyoyev.
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In a meeting with the provincial and national level officers, the President of Uzbekistan, Shavkat Mirziyoyev, said that 908 projects with an foreign investment of $1.7 billion will be initiated in the country. India is among the countries investing in the projects being implemented in the Andijan region between 2019 and 2020.

India and Uzbekistan had earlier signed an agreement for a line of credit of $200 million from India for financing housing and social infrastructure projects in Uzbekistan. The two have also signed an agreement for uranium export from the central Asian nation.

“Large-scale changes have been taking place in Andijan region like in all areas of the country. In particular, last year the gross regional product of the region grew by 12 percent, the volume of investments increased by 19 percent. Growth was recorded also in the first quarter of this year,” a statement by the Uzbek government said.

At the meeting, it was discussed that most of the economically active population remains unemployed and the volume of per capita services is insufficient

The new investment programme is expected to create over 35,000 jobs.

The Uzbek government has also identified families who will be taking up the entrepreneurship and has allocated 420 billion soums of soft loans under the program “Every family entrepreneur”.

The Uzbek government is also planning the construction of 14 high rise high-rise affordable houses and many more from private developers, and 224 individual and 56 apartment buildings will be available in the countryside.

The President said the growing population of the region requires the expansion of housing construction and the creation of more jobs.

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