Uzbekistan, PRC create investment fund with capital of $1 bln

Tashkent, Aug.29, 2019. /Kabar/. The Ministry of Investments and Foreign Trade of Uzbekistan (MIFT) and the CITIC Chinese corporation signed an agreement on the establishment of a joint Uzbek-Chinese investment fund with a charter fund of $1 billion.
The press service of the MIFT reported that the signing of the document took place on Aug. 27 as part of the visit of the Uzbek Government delegation, headed by Prime Minister Abdulla Aripov to China.
This step testifies to the high rate of growth in the scale of investment cooperation between the two countries: the formation of a sustainable financing mechanism will allow focusing efforts on the accelerated implementation of priority high-tech projects, the report said.
According to the preliminary agreement with Chinese partners, the emphasis will be placed on the industrial enterprises of chemical and petrochemical industries and production facilities of the oil and gas sector.
In the near future, the MIFT will prepare a pool of promising project proposals for implementation at the expense of the fund, among which a significant share to be made up of "export-oriented enterprises of multistage production cycles with high added value products at the output, with deployment in the regions of the country with the appropriate raw material base and human resources".
In this regard, agreements have been reached with the Chinese side on holding a number of meetings and negotiations in Uzbekistan to determine the targeted list of projects for technical and economic expertise and subsequent approval.