DUSHANBE, February 7, Asia-Plus — Tajik economist, Doctor of Sciences in Economics Nouriddin Qayumov regards corruption as one of main obstacles on the way of foreign investments in Tajikistan’s economy.
According to him, corruption is still stumbling block to investment growth in Tajikistan. “The government should take more efficient measures to reduce the level of corruption in the country and thereby to persuade foreign companies to invest in our company,” Professor Qayumov said.
Speaking in an interview with Asia-Plus, he noted that another factor impeding inflow of foreign investments in Tajikistan is lack of branches of foreign banks in the country. They could promote reduction in bank interest rates, Qayumov said.
Besides, according to him, most investors do not want to invest in the country through local banks because they are not sure of stability of their work.
On the consultative council set up on January 15 for improving investment climate in Tajikistan, the expert said that work of such councils would be efficient only in the case if their members include independent experts but not officials.
We will recall the consultative council is headed by the president and its members include prime minister and chairman of the state committee for investments and management of state-owned property.
In the meantime, according to the State Committee for Investments and management of the State-owned Property, as of January 1, 2008, portfolio of investment projects has included 53 programs for a total amount of more than $1.369 billion, including $1.067 billion in loans, $160 million in grants, $100 million of budgetary funds and $40 million from other sources.
