Foreign investors are interested in new geological objects

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December 7, 2017

Foreign investors are interested in new geological objects

In recent years, a favorable investment climate has been created in our country. It continues to improve within the framework of normative-legal acts, adopted by the Head of our state, on strengthening investment cooperation and attracting foreign investment, particularly in mining and geological sector.

Presentations, business forums and conferences are among the traditional forms of broad informing potential investors. The international conference on “Investment potential of solid minerals of Uzbekistan – “UZGEOINVEST – 2017”, organized in Hyatt Regency Tashkent hotel is aimed at this. It was attended by more than 50 representatives of 20 foreign companies.

The conference is organized in accordance with the resolution of the President of the Republic of Uzbekistan of May 24 of this year on measures of accelerating attraction of foreign investments for geological exploration and development of fields of strategically important types of solid minerals, which approved the mechanism of concrete actions and the procedure for interaction with potential investors in development of cooperation.

This fundamental document is aimed at further liberalization and increasing the openness of mining and geological industry of Uzbekistan for foreign investors, accelerating the attraction of foreign investments for the development of strategically important types of solid minerals such as gold, silver, copper, lead, zinc, rare and rare-earth metals, iron, which are rich in the bowels of our country.

This year agreements were reached and cooperation agreements were concluded for geological study of 12 prospective areas and development of 6 fields with such companies as “B2 Gold” (Canada), “Rosgeoperspektiva” (Russia), “Shindong Resources” (South Korea), “TUMAD” (Turkey), “NordGold” (Great Britain).

Following the conference, 3 agreements on implementation of investment projects with involvement of foreign direct investments at the initial stage of more than 8 million dollars were signed and about 30 million dollars or more when identifying prospects for discovering fields.

Investment projects will be implemented through the creation of joint ventures and within the framework of agreements on geological exploration with introduction of modern innovative methods and technologies, with the aim of further organizing production of liquid and competitive products with high added value on the basis of mineral raw materials.