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January 29, 2017



The Banking and Finance Academy of Uzbekistan held a seminar on 25 January to discuss the Presidential Decree ‘On Action Strategy for Further Development of the Republic of Uzbekistan.’ Participants analysed the 2017-2021 five-area development strategy and the State programme for the strategy under the ‘Year of Dialogue with People and Human Interests.’

In attendance were university professors and scientists, as well as specialists from the State Tax Committee, the Tax Academy, the Finance Ministry, the Central Bank of Uzbekistan, financial and credit organisations.

The seminar focused on the priority tasks set out in President Mirziyoyev’s speech at the Cabinet of Ministers extended session on socio-economic development in 2016 and economic policy for 2017.

Participants discussed citizens’ contribution to enforcement and legislation in matters concerning the Strategy and the State Programme, as well as the role of Uzbekistan’s financial and banking sector.

With the Strategy in the spotlight, participants analysed economic liberalisation, monetary policy, currency issues, taxes, banking and investment reforms, insurance products, securities market development, and direct foreign investment.

The seminar discussed the Strategy and observed that in 2016 GDP grew 7.8%, industrial production increased 6.6%, construction works went up 12.5%, and retial trade gathered another 14.4%, as agricultural production gained 6.6%.

The economy was propped up by $16.6bn, 9.6% higher than in 2015. A total of 164 investment projects worth $5.2bn was completed. Still, there are problems remaining, as President Mirziyoyev noted in his speech. Considering the fact, public officials were tasked with working out an action plan to ensure stable growth, investment programme continuation, export support, regional development, entrepreneur protection, and deregulation.

Participants studied the documents and took note of shortcomings noted by President Mirziyoyev. They noted 11 important tasks and made suggestions on financial and banking sector improvements.

They paid considerable attention to such suggestions as the increase in cashless payment and distant banking services, as well as a twofold cut in rents and support of e-trade.

Banking sector reformation, liberalisation, and stability are in the forefront of state policy and have been said to be the cornerstone of banking development.

Participants also said academic research in economy would help address the tasks set by the President.

After 20 speeches at the seminar, participants made suggestions and recommendations as to how to develop the banking sector. They were further invited to made suggestions at