The socio-economic development of Uzbekistan has been discussed in London 

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March 1, 2016

The socio-economic development of Uzbekistan has been discussed in London 


The Embassy of the Republic of Uzbekistan in the UK held a briefing on the results of socio-economic development of our country in 2015 and the most important priorities of economic program for the current year.

The event was attended by representatives of official, business, scientific, academic and expert circles of Great Britain.

The participants were informed in detail about the main macroeconomic indicators of Uzbekistan and the results achieved in the deepening of economic reform and modernization of state, to ensure diversification and macroeconomic balance on the background of the ongoing crisis in many countries.

Great interest aroused participants briefing on activities implemented in the country measures to reduce the state presence in the economy through the implementation of state assets privatization program, improve the conditions for business development and the protection of private property, the introduction of modern corporate governance principles, the full support of small business.

British Members of the public acquainted with the objectives of the economic program of Uzbekistan for the medium term.

Speaking at the event, Professor, University of Cambridge Sh.Fennell expressed the view that Uzbek model is interesting in phases of structural transformation, and, in spite of the complexity of the process of diversification of the economy, Uzbekistan has achieved significant results in this area.

The British economist, noted that the recognition of a number of international financial institutions, the economic achievements of the country, including improvement of the business environment with an emphasis on support for small business and the protection of private property is a good incentive for local and foreign investors.

Commenting on the achievements of Uzbekistan in the field of agriculture, a professor at Cambridge University, he stressed that the development of three key components – the diversification of agricultural production, improving quality and rate for deep processing with the introduction of modern technology, will strengthen the competitive advantages of Uzbek agricultural products, and to take a strong position on world markets.

Representative of ING Bank F.Ollard noted a marked strengthening of small business and private entrepreneurship, increase in the activity of this sector and the level of quality of services in Uzbekistan. All this, in his opinion, was made possible through public policy that promotes and protects the interests of small business by creating the necessary conditions and opportunities.

Director of Pathfinder Trade & Invest M.Tomas stressed the timeliness and relevance of the measures taken to reduce the presence of the state in the economy and the privatization of a number of industrial enterprises and objects of state property. He recalled that the effective privatization carried out in the UK in the 1970s, gave a powerful impetus to the development of its economy.

At the end of the briefing, the participants noted that the event gave them the opportunity to get acquainted with the modern development of Uzbekistan and its prospects for the coming years. It was emphasized that in the conditions of the continuing volatility in global markets such information is crucial for foreign investors and businessmen.