Uzbekistan plans 10-year revival for chemical industry

Source: Xinhua| 2019-04-04 16:11:19|Editor: xuxin
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TASHKENT, April 4 (Xinhua) -- Uzbekistan plans to invest 12.1 billion U.S. dollars to develop the country's aging chemical industry over a period of ten years and sell off state shares in a number of chemical enterprises, according to a presidential decree published on Thursday.

The decree issued by Uzbek President Shavkat Mirziyoyev said that the chemical industry needs to adopt effective measures to make it attractive for foreign investors, mostly by reducing the state shares in enterprises to allow private ownership.

Introduction of modern corporate governance, international financial reporting standards and improving the management structure of enterprises is another priority, the decree said.

The document envisages implementation of 31 investment projects worth of 12.1 billion dollars, including 1.7 billion dollars of foreign direct investment and loans between 2019 and 2030 for the modernization and expansion of existing factories and creation of new energy-efficient facilities to produce nitrogen, phosphate, potash and complex mineral fertilizers.

The government also plans to involve leading foreign companies and use advanced technologies to produce new polymer products such as polyethylene terephthalate (PET), polyvinyl chloride (PVC), synthetic rubber, polystyrene, polyurethane and others, according to the document.

The state shares of some chemical enterprises of the country will be sold by direct negotiations with the potential investors under the condition that they accept investment and social obligations. While in other enterprises, state shares will be put on sale through auctions and sale by conversion, the document said.