KUWAIT: The declaration of State Independence of the Republic of Uzbekistan on 31 August 1991 opened a new chapter in modern history of the country. This year the Uzbek people celebrate 30th anniversary of this significant date. During this historically short period, Uzbekistan had a great achievement in all spheres, including his internal and foreign policy.
Today, Uzbekistan under the leadership of President HE Shavkat Mirziyoyev is in the new historical stage of its development. The new Uzbekistan is, primarily, is the new economic relations, the new economic vision. The economic system of our country is being completely restructured and it is even difficult, we have begun to put into practice the market mechanisms.
The reforms have a positive effect on the interests of all segments of the population: The entrepreneurs are gaining freedom and new opportunities to develop their businesses, peasants and farming enterprises, the clusters are becoming the owners of the crops they have been growing. New fields of industry such as automobile construction, petrochemical and gas processing, the textile and light industries have become the engine of the industrial development of the country. Agriculture is one of the important sectors of national economy. The development of small business and private entrepreneurship occupy very important place in the economic policies of the government.
The country develops manufacture, creates new jobs, extends economic capacity, improves social security system and provides ample access to education and health care, reforms of all spheres of society. The country creates a favorable and attractive investment climate for foreign partners for the achievement of the goals. The investment legislation of the Republic of Uzbekistan is constantly updated. Already now, in Uzbekistan, one of the drivers of economic growth is the attraction of foreign capital to the national economy. According to the UNCTAD’s 2020 World Investment Report, FDI inflows increased significantly to $2.3 billion, compared to $625 million in 2018. Investments focus on the energy sector, including alternative/renewable energy in recent years. In addition, over two years, the number of enterprises with foreign investment doubled – the figure is more than ten thousand. The share of investments in the GDP of Uzbekistan for the first time amounted to 38%.
Uzbekistan was ranked 69th among 190 countries in the World Bank 2020 Doing Business and entered the top 20 reformer countries in terms of creating the most favorable conditions for doing business. For comparison, we note that in 2012, the country in this rating occupied only 166 place. Uzbekistan has also resumed active negotiations on accession to the World Trade Organization (WTO).
Joining the WTO will provide an opportunity, for Uzbek entrepreneurs, to raise the prospects for increasing scientific and technological progress in the sectors through the acquisition and purchase of efficient and reliable imported equipment. In addition, upon entry into the WTO, domestic exporters will gain easier access to foreign markets.