Government of the Republic of Uzbekistan

11/16/2020 | Press release | Distributed by Public on 11/16/2020 12:44

The geology sector transformation analyzed

President Shavkat Mirziyoyev has held a meeting on the modernization of geology sector, investment attraction and exploration expansion.

Over the past three years, considerable funds have been channeled to the sphere, large-scale work is underway to update technologies, restore science and retrain personnel. Owing to the use of modern technology, the accuracy and productivity of drilling operations have increased. Both proven and projected mineral reserves have grown in volumes.

The meeting participants discussed the main tasks for the next period in the consistent continuation of work on this front, elevation of investment attractiveness of the sector and transformation of state-owned enterprises.

The head of state stressed the need to significantly enhance the mineral resource base in 2021-2022 by boosting the volume of geological exploration.

Along with this, it is essential to change the approach to organizing exploration works in order to attract foreign investors. In this sense, Shavkat Mirziyoyev urged the executives to shape promising fields and offer them to foreign investors, improve the system of geological exploration and taxation with an eye to international practice.

The head of our state noted the importance of attracting foreign investors to an online auction for 31 sites and a deposits of strategic minerals.

'Half of the work in geology should deal with investment issues. The situation in the sector cannot be changed without attracting investments. Short-term, concrete and effective plans are needed rather than pointless schemes that promise results in the distant future,' the President stressed.

The task was set to devise, in cooperation with leading audit and consulting companies, roadmaps for the transformation of state-owned enterprises operating in the field.

Particular attention was paid to training qualified specialists for the sphere and to the development of geological science. Shavkat Mirziyoyev gave a directive to invite a foreign company with advanced experience to revise the activities of UzgeorangmetLITI institute.

Officials in charge of the sector presented information on the work due in 2021-2022.

Source: Official website of the President of Uzbekistan