08:58 / 01.09.2021
Shavkat Mirziyoyev provides information on structural reforms in Uzbekistan’s key macroeconomic indicators

The President said that the government had managed to dramatically increase the confidence of investors in the country’s economy.

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.

As a result of structural changes in the electricity, oil and gas and utilities sectors, public administration and economic functions have been separated, and important steps have been taken to create a competitive environment,” the President said.

In his speech, the head of state noted that new infrastructure networks have been built.

“In particular, two new metro stations and a 12-kilometer overground metro line have been commissioned in Tashkent.

It should be noted that many large investment projects are currently being implemented in Uzbekistan. In particular, the foundation stone was recently laid for the construction of the 3rd copper concentrator at the Almalyk Mining and Metallurgical Combine worth $2 billion.

The solar photovoltaic plant in the Karmana district of Navoi region, launched with an investment of $110 million, has been the first big step in the energy system of Uzbekistan.

Such important events indicate the beginning of a new era in the history of our national industry,” Mirziyoyev said.

In the WB Doing Business international ranking, Uzbekistan has risen from 141st to 69th place in five years.

“The number of small and private businesses has doubled in our country, and 1.4 million new jobs have been created in the industry. The fact that more than half of these enterprises have been established in the last three years is of particular importance.

In order to liberalize business, 16 laws and more than 100 resolutions have been adopted.

Over the past year, the procedure for issuing licenses and permits has been simplified and the deadlines for their issuance have been reduced. A moratorium has been declared on all inspections to protect the rights of entrepreneurs.

Also, as a result of creating favorable conditions for the self-employed population, 500,000 citizens registered and started their activities on a legal basis in a year.

As a result of this approach in the field of entrepreneurship, Uzbekistan has risen from 141st to 69th place in the World Bank’s Doing Business international ranking over the past five years.

Of course, this is a serious indicator, but it still does not satisfy us. That is why we will continue our work in this direction,” the President said.