The headquarters of the United Nations in New York disseminates an information about the results achieved by our republic in social and economic spheres since independence as an official document of the General Assembly 70th session of the six official languages of the organization.
The document says that the basis of the national model of reform and development of Uzbekistan developed by President Islam Karimov taking into account the socio-economic potential of the country, the history of our nation state, national values and international experience, it was formed five basic principles of transition to a socially-oriented free market economy.
“Thanks to the implementation of Uzbekistan’s own model of modernization and renewal of society known as the Uzbek model of development and consistent implementation of large-scale reforms in all sectors and spheres the structure of the economy has been radically changed and a solid foundation has been established for sustainable growth. For a historically short period of time the economy grew in the five and a half times. The gross domestic product (GDP) per capita at purchasing power parity grew four times during this period. Since 2005, the state budget is being executed with a surplus that contributes to macroeconomic stability ” – the document says.
In addition, it is stated that sustainable economic growth and the balance of the main indicators achieved by Uzbekistan, especially during the most acute phase of the global financial and economic crisis, show the effectiveness and efficiency of the most important priorities and areas of socio-economic development of the country.
In addition, the material informs that the volume of annual capital expenditures consistently exceed 23 percent of GDP, which provides the basis for economic growth in the future. Currently, more than 60 percent of industrial output fall to the share of high-tech industries which was created almost “from zero” during the years of independence of the country and is producing competitive products with high added value in the global market.
The paper separately emphasized that structural reforms in the machinery deserve special attention. During the years of independence Uzbekistan has created a modern automotive industry together with technology leaders in their respective fields, such as General Motors (in the production of passenger cars), the Isuzu (in the production of mid-size buses and trucks) and MAN (heavy equipment), and is currently preparing a draft for the production of large-sized buses.
It is also reported that in recent years program measures have been actively implemented on modernization, technical and technological renewal of industries, improvement of production efficiency in Uzbekistan. As a result of these measures the labor productivity increased by 2.3 times for the period 2000-2015.
The article notes that the Fund for Reconstruction and Development of Uzbekistan established in 2006, takes an important role in the implementation of projects on modernization and technical re-equipment of basic industries, the implementation of effective structural and investment policy. Its foundation became a significant element in attracting large foreign investors and creditors, the formation of their confidence in the unconditional implementation of the projects, responsible of the partners for the successful implementation of investment projects. Active participation of the fund in the development and implementation of new projects have already provided to attract more than 10 billion dollars of foreign investments and credits in the form of co-financing from the World Bank funds, the Asian Development Bank, Islamic Development Bank, the financial institutions of Japan, Republic of Korea, China and other foreign banks and investors.
The implementation of the Program of localization of production of finished products, components and materials took the stimulating effect on the conduct of this industrial policy. “For the period 2000-2015 more than 2800 localization projects have been realized in the country in which production of more than 4800 new products has been mastered previously imported as imports. These enterprises have created more than 22,900 jobs. As a result, the volume of production of localized goods for this period has increased more than 225 times, and now reached to20 per cent of total industrial products, and the annual effect of import substitution is more than $ 6.2 billion.”
The information also indicates that as a result of the implementation in Uzbekistan of large-scale programs for the development, modernization and diversification of the industry the volume of industrial production has grown more than 4.4 times for the years of independence.
In conclusion, it is reported that Uzbekistan ranks fifth in the world among countries with rapidly growing economies, and deservedly, this is highly assessed by the international community and international financial institutions. Thus, in September 2015 the International Monetary Fund issued a press release in which it pointed out that the country maintains economic stability in a difficult external economic situation and provides a high rate of economic growth for a long period of time, and active investment policy and structural reforms are effectively protecting the country from the slowdown that has occurred in other countries of the CIS.