ECONOMIC REFORMS TAKE CENTER STAGE AT UZBEKISTAN CONFERENCE

TASHKENT, Uzbekistan, July 4, 2023 /PRNewswire/ -- Day 2 of a week-long international conference entitled "New Uzbekistan: development, innovation and enlightenment" turned its focus to details of economic reforms, making a clear connection between the trajectory of the country's prosperity and measures being taken to increase competitiveness, provide youth empowerment, as well as better harness natural resources.

Several hundred guests from various national institutions and government organisations interacted with panel discussions featuring experts from 15 countries, tackling subjects such as the newly approved Constitution as a legal basis for reform, opportunities for youth, rights of entrepreneurs and how to protect them, in addition to mining and geology prospects.

The conference, a joint endeavor of the Center of Sustainable Development of Uzbekistan and and the World Society for the Study, Preservation and Popularization of the Cultural Legacy of Uzbekistan.

Sodiq Safoyev, First Deputy Chairman of the Senate of the Oliy Majlis of the Republic of Uzbekistan, noted: "Uzbekistan is on the edge of serious, challenging reforms, including land reform, private ownership, privatization, more decentralization of governance system, applying good governance principles, et cetera. With our renewed Constitution, we have a legal foundation for stage 2.0 stage of reforms, which will open up new horizons for Uzbekistan's development."

Umid Abidhadjaev, Director of the Institute for Macroeconomic and Regional Studies, added, "Another important aspect to improve Uzbekistan's economy is competition. When we look at the global challenge inflation, what is the cure? Of course, to increase competition. What is the cure for higher wages? Of course, to have more companies in the market, so that Uzbekistan's workers can compete for higher wages."

Adem Kula, General Secretary of the Union of Turkic Chambers of Commerce and Industry, speaking about the blossoming entrepreneurial culture in Uzbekistan, continued, "The number of entrepreneurs has increased a lot. Economic reforms have been crucial in order to help these new companies to do business, especially as they try to extend exports, which play an important role for country development, since entrepreneurs bring foreign exchange into the country. The new legislation to facilitate this process has been instrumental."

Uzbekistan's Deputy Minister of Mining, Industry and Geology, Azam Kadirkhodzhayev, concluded, "The mining and geology sector is a crucial part of our national economy, and we're staunchly committed to create a friendly environment favorable for growth. We have made significant progress, particularly by implementing tax reforms, liberalizing financial markets, making huge institutional reforms that provided investors with greater access to the financial markets, capital markets and services, as well as alleviating administrative barriers and improving fiscal transparency."