Speaking at the state event dedicated to the 30th anniversary of Uzbekistan’s independence, Shavkat Mirziyoyev provided some information on structural reforms in the economy and key macroeconomic indicators.
“It should be noted that the past five years have been a period of severe tests for all of us, for our country and our people. In particular, the coronavirus pandemic has resulted in the economic crisis, it has created serious problems for Uzbekistan as an integral part of the global world. According to the United Nations, the pandemic is the largest global test since World War II.
If you remember, in the early days of the pandemic, we set the goal of recovering from these challenges and becoming more powerful. With the unity and selfless labor of our people, we are courageously overcoming these difficult tests.
Today, we have every reason to say that in a historically short period of time, a completely new political, socio-economic, scientific, educational and cultural environment has emerged in our country. According to the analysis of the International Monetary Fund and reputable rating agencies, in the current difficult and complex environment, Uzbekistan is one of the few countries in the world to ensure financial-economic stability, revitalize production and increase economic activity.
The same views were expressed in a recent analytical report entitled “Uzbekistan: Soum’er Solstice” (“Uzbekistan: Rising Like the Sun”) published by the J.P. Morgan Investment Bank of the United States,” the President said.
Foreign trade turnover increased from $24 billion in 2016 to $36 billion in 2020.
“In 2017-2020, the economic growth rate of our country amounted to 18.3% and the gross domestic product reached $ 60 billion. Industrial production amounted to 369 trillion soums. As a result, the share of industrial production in GDP increased from 19.5% to 27.4%.
Recognition of the results of our reforms in various international rankings has created opportunities for our country to enter the international financial markets. In particular, this year the government Eurobonds worth $635 million and 2.5 trillion soums, corporate bonds of Ipoteka Bank worth 785 billion soums and Uzavtomotors JSC worth $300 million have been sold to foreign investors.
We have managed to dramatically increase the confidence of investors in the economy of our country. This is evidenced by the fact that the total volume of investments in the short term increased by 2.1 times.
Over the past three years, a new tax system has been introduced. The number of taxes has been significantly reduced, and taxes on working capital have been abolished. The value-added tax rate was reduced from 20% to 15%, creating an integrated system of this tax chain.
