Uza. In recent years, systemic work has been carried out in Uzbekistan to liberalize the economy further, provide ample business opportunities, and strengthen legislation and legal guarantees in this direction.
In particular, significant changes have been made toward creating our region’s most favorable fiscal system. In particular, the value-added tax rate was first reduced from 20 to 15 percent, and from 2023 – by 12 percent, foreign exchange transactions are allowed. Introducing a refund of the amount of value-added tax to exporting enterprises within seven days and establishing mutual accounting in tax and customs authorities creates excellent convenience for entrepreneurs.
Most importantly, even though the complex and dangerous processes and unpredictable changes taking place in the international arena are a severe test for the world economy, the economic indicators achieved in our country receive worthy recognition from the international community.
In particular, within the framework of the Tashkent International Investment Forum, which has traditionally been held for two years already, and the 32nd Annual Meeting of the Board of Directors of the European Bank for Reconstruction and Development, which was held from May 16 to 18 this year in Samarkand, the work carried out to develop the economy Uzbekistan, was highly appreciated.
In particular, holding this year, the 32nd Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development in ancient and unique Samarkand expresses high trust and attention to our country and our reforms.
The EBRD has become our strategic partner on the path of sustainable development of Uzbekistan. A striking confirmation is that the bank’s project portfolio in the country exceeded 4 billion euros, of which projects worth 3.3 billion euros were launched over the past four years. Last year’s results show that Uzbekistan entered the top five of the bank’s main partners. And regarding annual investments, it has become its most significant business partner in Central Asia.
Speaking at the opening ceremony of the meeting of the Council, the Head of our state stressed the importance of creating general conditions for Uzbekistan to expand public-private partnership projects in such areas as infrastructure, medicine, education, transport, ecology, and noted that the priority tasks are the development of green economy, in particular green energy, further support for women’s entrepreneurship, the introduction of new agricultural technologies, water conservation, and food security.
The Head of state noted that new projects and programs would be implemented in these areas with the bank. He also invited the bank to participate in regional joint projects with neighboring countries.
At the same time, it should be noted that in the course of economic reforms in Uzbekistan, special attention is paid to the development of banks. In particular, the Development Strategy of New Uzbekistan for 2022-2026 sets the goal of bringing the digitalization of production and operational processes in the real sector of the economy – the financial and banking sector – to 70 percent by the end of 2026.
Holding the prestigious summit of the European Bank for Reconstruction and Development in our country makes it possible to achieve the goals set in this direction with better results. In particular, within the framework of the events, an investment presentation of Uzbekistan was held, demonstrating what great opportunities the business sector has. In addition, more than 40 significant private partnership projects in healthcare, education, infrastructure, transport, and energy were presented during the conference sessions.
It can be confidently asserted that such prestigious economic events and the agreements reached within their framework shortly will undoubtedly result in the further growth of the country’s economy and the improvement of the population’s welfare.
