Uzbekistan is one of the fastest growing countries in the world

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June 20, 2016

Uzbekistan is one of the fastest growing countries in the world


Uzbekistan’s achievements in economic, banking and financial sectors, as well as favorable conditions created for foreign investment, are getting positive assessments from prominent members of expert-analytical and business community abroad.

Thus, a member of the corporation “Mitsubishi Corporation” Hideto Nakahara named Uzbekistan one of the fastest growing countries in the world. According to him, in spite of the ongoing global financial and economic crisis, the country shows high rates of macroeconomic growth, which once again demonstrates the correctness and effectiveness of chosen long-term development strategy.

Among the important factors of sustained economic progress, he pointed to the country’s ongoing systematic work to create favorable conditions for opening and running a business. As a result, each year the volume of foreign investments in the national economy is being increased, more and more companies producing globally competitive quality products are being created.

According H.Nakahara, measures on modernization of production, introduction of modern technologies in Uzbekistan’s industry will help to maintain sustained growth in the long term.

Sales director of Belgian company of electronic equipment “Audiofocus” A.Kostenk noted that at the time, bоth as a result of global financial and economic crisis there was a decline in economic growth in most countries, macroeconomic indicators of Uzbekistan testify not only to the stability of the economy and banking and financial system, but and on accuracy and timeliness of measures that have been taken in the country in recent years.

Successful reform and liberalization of the banking system have found their reflection in the annual evaluation of the World Bank’s review and International Finance Corporation under the terms of doing business “Doing Business-2016”. According to their report, over the last three years on credit conditions Uzbekistan’s rating has moved immediately to 113 positions, that is it moved from 154th place to 42nd.

Thus, Uzbekistan is now the most favorable country for investment in the region, as well as a promising market in Central Asia for joint production of a wide range of finished export products with high added value.

President of the Chamber of Commerce of the Indian state of Haryana Ravi Vasdev says that not every country achieves such impressive results in development of national economy, as it happens in Uzbekistan. This is evidenced by the authoritative ranking of the World Economic Forum, according to which Uzbekistan is among five countries with the fastest growing economy in the world by the end of 2014-2015, and forecasts for 2016-2017.

Accelerated rate continues to increase production of small business and private entrepreneurship, and its contribution to GDP is almost close to the average European level.

Vice-president of the Fund for Export and Investment Promotion of Azerbaijan Yu.Abdullaev stated that he has a great experience of work in the promising market of Uzbekistan. He noted that the country provided excellent opportunities to foreign investors. There is a well established infrastructure for export of products in near and far abroad. The country has the most diversified and fastest growing industry among the other states in the region, and production growth is due to increasing the share of small businesses. In addition to a rich source of raw materials and availability of highly qualified personnel, in Uzbekistan there is political and macroeconomic stability that will ensure further prosperity of the state. It is gratifying that the timely anti-crisis measures taken by the leadership of Uzbekistan allowed to minimize the negative effects of global financial and economic crisis.